War Ushers In Golden Era For Indian Refiners

06 Aug 2026 CW Team

Indian refiners are benefiting from war?related supply disruptions as refined product exports hit a five?year July high and opened markets in Europe and South America. Kpler data showed exports of one point five two seven million bpd in July, up 23.2 per cent from one point two three nine million bpd a year earlier and almost 19.5 per cent above the previous five?year July high of one point two seven eight million bpd in 2024. Shipments were about 28 per cent higher than the five?year July average.

Exports rebounded from 919,900 bpd in May to one point zero four eight million bpd in June and then to one point five two seven million bpd in July. The rise followed tightened supply from the US?Iran war, Middle Eastern refining disruptions and Russia's diesel export ban, while lower Chinese refinery runs reduced global availability by nearly five million bpd, or about six per cent of pre?war output.

Market participants said strong diesel cracks around $45 to $50 per barrel have improved export economics and cushioned earnings. ICRA's Prashant Vasisht said the diesel ban and strong global demand created a golden period for Indian refiners, with sales into several European and South American markets. Kpler's lead analyst Nikhil Dubey added that ample crude supplies and completed maintenance at major refineries supported higher runs.

The export windfall may help offset pain at state refiners after combined June?quarter net losses of Rs 181.49 billion (Rs 181.49 bn). Observers said the boom is driven by temporary disruptions and damaged infrastructure rather than a permanent shift in fundamentals, and repairs could take months while any recovery in supplies might narrow the opportunity. For now, elevated margins and diversified sourcing are sustaining outbound shipments.

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06 Aug 2026

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