India exported 394,000 barrels per day (bpd) of diesel in May, compared with 376,000 bpd in April and 399,000 bpd in February, according to energy cargo tracker Kpler. About 327,000 bpd, or 83% of total exports, went to Africa in May, against 32% in April and 64% in February. No diesel was exported to Europe, while shipments to Asia fell 76% to 40,000 bpd in May.
“This shift (from Asia to Africa) is due to improved refinery runs across the broader Asian region this month, as China’s crude appetite fell to a 10-year low, freeing up crude availability for other Asian refiners,” said Nikhil Dubey, lead analyst – refining at Kpler. Higher refinery runs reduced the need for imports across Asia.
The Iran war, which erupted on February 28, has also reshuffled diesel trade flows.