NEW DELHI: India’s diesel exports to Asia slumped 63% month-on-month in March as increased competition from Chinese and South Korean suppliers eroded margins.
Indian refiners exported 61,000 barrels per day (bpd) of diesel in March to customers in Asia, down from 163,000 bpd in February, according to energy cargo tracker Vortexa. Exports to Europe, however, rose 6.5% to 214,000 bpd in March. No diesel was exported to the US. “Ample supplies of diesel in Asia, especially due to strong exports from South Korea and China, have eroded export margins to Asia. Meanwhile, increasing planned or unplanned refinery maintenance in Europe has led to growing import demand,” said Serena Huang, analyst at Vortexa.
