India’s middle distillate exports to remain robust as European diesel stocks tighten
India's middle distillate exports rose to a one-year high in September, reaching nearly 740,000 barrels/day, about 57% of the country's total oil product exports, with gasoil outflows at 586,000 b/d. Shipments to Europe and the Mediterranean region reached a year-to-date high of 298,000 b/d, including 216,000 b/d destined for the Mediterranean. India cut the special additional excise duty on diesel exports to 16 rupees/liter from 20 rupees/liter and on jet fuel exports to 10.5 rupees/liter from 15 rupees/liter, with the new rates applying for two weeks from Oct. 1.
Why it matters: The export volumes and duty changes bear on energy security, as tightening European diesel inventories and disruptions to Middle Eastern refined product supply draw Indian cargoes toward Europe, the Mediterranean, Africa and Latin America.