India's diesel exports to Europe - its largest and most lucrative market - is declining, forcing exporters to shift supplies to Africa and Asia.
Indian refiners exported about 140,000 barrels per day (bpd) of diesel in the first nine months of this fiscal year, a 42% drop from about 245,000 bpd in the year-earlier period, according to energy cargo tracker Vortexa. During this period, Europe absorbed 27% of India's diesel exports, declining from 44% in the previous year.
"This trade shift in FY25 was driven by increased refinery output from within Europe as well as the US Gulf Coast. US Gulf Coast refiners sent significant volumes to Europe and continue to do so," said Rohit Rathod, an analyst at Vortexa.
Falling supplies to Europe led exporters to divert supplies to Africa, which emerged as the largest destination for Indian diesel last year. Africa received about 130,000 bpd of Indian diesel during April-December 2024, up 25% from the previous year. This lifted Africa's share in India's diesel exports to 32% from 24%.
Source Name : Economic Times