Global refining shock lifts India’s diesel exports to a 12-month high in September

India’s September diesel exports hit a 12-month high as global refinery disruptions and geopolitical tensions tighten supplies.

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Global refining shock lifts India’s diesel exports to a 12-month high in September West Asia conflict and drone attacks on Russia hit 8 mb/d of global refining capacity, say traders By Rishi Ranjan Kala Updated - October 09, 2026 at 08:49 PM.

| New Delhi, October 9 × Share WhatsApp X Facebook LinkedIn Messenger Reddit Mail https://www.thehindubusinessline.com/economy/global-refining-shock-lifts-indias-diesel-exports-to-a-12-month-high-in-september/article71564866.ece Copy Aerial photo of a large oil tanker floating in calm seas.

| Photo Credit: HeliRy Indian refiners, mostly private sector, exported roughly 2.50 million tonnes (mt) of diesel, the highest in a year, in September as refinery attacks and geopolitical tensions impacted roughly 10 per cent of the global refining capacity with transportation bottlenecks further exacerbating the situation.

Analysts, traders and refiners indicated that West Asia refinery outages and drone attacks on Russian refineries impacted roughly 8 million barrels per day (mb/d) of global refining capacity.

What has further tightened the market for diesel is curtailed Chinese refining and shipping constraints.

“Acute diesel shortage, particularly in Europe, offered a window of opportunity to domestic refiners.

Mostly private refiners such as Reliance Industries (RIL) got a good market opportunity.

Shortage is expected to continue and will keep crack prices on the higher side,” said one of the sources.

Kpler said that Indian refiners have been able to maintain strong domestic supplies while capitalising on shortages in international markets.

“Diesel exports have been particularly strong, with shipments reaching around 620,000 barrels per day (b/d) in September, the highest in a year.

Indian products are reaching Europe, Africa, Asia and even distant markets such as the US West Coast, while some diesel cargoes have also moved to Russia in recent months,” it added.

This reflects India’s growing role as a reliable supplier to global product markets, particularly when traditional exporting regions are struggling with refinery outages and logistical disruptions, noted Sumit Ritolia, Kpler’s Lead Research Analyst for Refining & Modeling, said.

“One important distinction worth preserving is that India’s export-oriented refiners have benefited significantly from high diesel cracks, but that does not mean all Indian refiners or fuel marketers are enjoying similarly strong net margins, especially where domestic selling prices remain constrained,” he told businessline .

Trade sources said that RIL is a main gainer here considering it is a major swing supplier of ultra low sulphur diesel.

RIL’s dual-refinery set up addressing domestic and international markets offers the refiner logistical and operational edge to manage output yields, adjust crude processing and act as a fast swing supplier.

It has also been a major supplier of winter grade diesel to Europe.