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India Vows to Maintain Diesel Exports Amid US Ban Speculation, Global Market Turmoil
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Moneycontrol•24-09-2026, 22:53
India Vows to Maintain Diesel Exports Amid US Ban Speculation, Global Market Turmoil
- •India, the world's second-largest seaborne diesel exporter, will honor its export commitments despite potential US bans aimed at easing domestic price spikes.
- •Oil Minister Hardeep Puri stated India's fuel industry is well-positioned due to expanded refining capacity and ongoing investments.
- •India has surpassed Russia as the top supplier after the US this year, accounting for about 10% of global diesel shipments, making it a crucial source amid market disruptions.
- •The prospect of US export restrictions has already caused diesel prices outside the US to surge relative to American futures, raising concerns in the EU.
- •India plans to continue investing in refining, positioning itself to meet rising domestic demand and remain a major global supplier, with Saudi Aramco and ADNOC showing interest in Indian refining projects.
Key Questions Answered
India has no plans to follow suit if the US imposes a ban on overseas diesel sales, with Oil Minister Hardeep Puri emphasizing that the country honors its commitments and that its refining industry is well-positioned to weather market turmoil.
India has overtaken Russia to become the top supplier after the US, accounting for about 10% of global diesel shipments and emerging as the world's second-largest exporter of seaborne diesel this year.
Crude suppliers such as Saudi Aramco and Abu Dhabi National Oil Co. are holding discussions to invest in Indian refining projects because they want a slice of India's growing downstream market.
