India's diesel exports reach 700,000 bpd amid global crunch
Business
India's diesel exports just hit a 12-month high this October, reaching 700,000 barrels a day (that's about 2.90 million tons).
With a worldwide diesel crunch going on, Indian refineries ran flat out (over 100% capacity) to meet the spike in demand.
Margins, cheap crude sustain India's exports
Global supply hiccups played a big part: disruptions in the Middle East and fewer Russian shipments meant more countries turned to India for fuel.
Even with strong local demand during festival season and steady prices at home, Indian refiners kept exports up, helped by solid profit margins and access to cheap crude oil.
Experts say exports might not climb much higher, though, since domestic consumption is still pretty strong.