India's fuel exports fall to lowest since 2022 amid refinery maintenance, domestic demand

Key points

• India's exports of refined petroleum products fell to about 930,000 barrels per day (bpd) in May, their lowest level since October 2022, as refinery maintenance, changing production priorities and stronger domestic demand curtailed overseas shipments.
• Exports declined to around 930,000 bpd, down to levels last seen when shipments averaged 926,000 bpd in October 2022, reflecting a combination of lower refinery throughput and a growing focus on supplying the domestic market, according to data analytics firm Kpler.
• "This sharp cutback was driven by a combination of lower refinery throughput, maintenance activity, and a structural pivot toward the domestic market," said Sumit Ritolia, model and refining manager at Kpler.
• A key factor behind the decline was planned maintenance at Reliance Industries' Jamnagar refining complex, India's largest refinery and a major exporter of refined fuels.
• The maintenance programme reduced crude processing rates and limited the availability of export volumes during the month.