Exports of oil products to Europe increased by 10% in June

In June, India saw a 5% drop in the export of petroleum products to 1.19 million barrels per day compared to May's 1.24 million barrels per day, according to information from Vortexa, an energy cargo monitoring company. Exports in June decreased by more than 8% compared to the previous year.

Although exports to Europe increased by nearly 10% last month to 194,206 barrels per day, shipments to Asia dropped by 16% to 325,479 barrels per day compared to the prior month. In June, there was a 12.6% decrease in exports to the Middle East, with a total of 170,038.

Serena Huang, head of Asia Pacific analysis at Vortexa, mentioned that while India's refined product exports to Europe increased by almost 10% compared to the previous month, Asia remains the predominant region for export destinations. Due to unexpected refinery maintenance, gasoline, and diesel supplies in Asia are becoming more limited.

India mainly exports petroleum products to European and Asian countries. The nation has become a key provider of fuel to Europe following the European countries' boycott of Russian supplies due to the invasion of Ukraine.

Despite an increase in shipments to Europe in the last month, the levels are significantly lower than the 389,906 barrels per day seen in the same period last year, mainly due to ample supplies from the Middle East.

Huang remarked that Europe is still well-equipped with regional refineries coming back online after maintenance, and is also receiving strong supplies from the Middle East.