India’s Reliance ramps up diesel exports to Europe, Brazil in July, sources say

Cross Barrel Crude Diesel Distillate Freight Fuel Oil Gasoline Jet Naphtha

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Published30 JUL 26 - 08:56 Reading time minutes

“Out-bid an East that is still paying up for the same cargoes.” — James Noel-Beswick, Head of Commodities at Sparta Commodities

Expert: James Noel-Beswick (Head of Commodities, Sparta)
Publication: Reuters
Market Focus: Diesel Exports, India Refining, Europe/Brazil Supply, East-West Spreads
Geographies: India, Europe, Brazil, Asia, Middle East/Gulf

In a recent analysis for Reuters, Sparta’s Head of Commodities, James Noel-Beswick, notes that Reliance’s July ramp-up in diesel exports to Europe and Brazil is helping ease global tightness triggered by the U.S.-Iran conflict and Russia’s export ban—but the flow’s continuation into August is far from assured. Noel-Beswick highlights that Europe must still “out-bid an East that is still paying up for the same cargoes,” with LR2 economics currently favouring Asia over Europe in the first half of August despite the wider east-west spread. Traders should watch the relative strength of Asian diesel margins, freight differentials, and whether Europe can sustain the premium needed to pull more Indian barrels westward.