India diesel exports to SE Asia hit 7-year high in March due to Iran war, data shows
“India appears firmly committed to keeping its refineries at capacity, and Washington’s rather permissive stance on both Russian and Iranian purchases has given it the means to do so.” — James Noel-Beswick, Analyst at Sparta Commodities
Reuters, March 31, 2026 – India’s diesel exports to Southeast Asia hit a seven-year high in March, with around 1 million metric tons shipped as the Iran war disrupted Middle East supply, pushed Asian refinery output lower, and prompted China to ban refined product exports. Reliance Industries accounted for roughly 90% of volumes, with Singapore the primary destination. East-west price spreads have narrowed to the point where routing cargoes east is increasingly profitable, and Sparta’s analysis suggests the arbitrage window could stay open through at least August.
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