According to shiptracking data and trade sources, India's Reliance industries increased diesel exports in July to Europe?and Brazil. This could ease a?tight supply? globally due to the U.S. - Iran war and a Russian ban on exports.

The exports follow a record-breaking profit margin for European diesel on Wednesday, when the region's stocks fell to their lowest level since 2014. In addition, the Middle East conflict escalated and affected Gulf exports into Europe.

According to Kpler, Vortexa, and two trade sources of data, between 4 and 5 million barrels (of industrial and transport fuel) were loaded this month at the refiner’s?Jamnagar facility for Europe. This is the highest level in 10 months and equal to the levels before the U.S. - Iran?war began.

Reliance didn't respond to an inquiry seeking comment.

The Russian ban on diesel exports during July, after Ukrainian drone attacks damaged refineries, is also a factor. Moscow is expected extend the ban into August.

India, the world's 2nd largest crude importer?has stepped up fuel exports over the last year, capitalising its position as a "swing barrel supplier"?to both markets east and west from Suez.

Kpler data revealed that the exports of?diesel were at a three-year high in 2025.

Consultancy Energy Aspects predicts that Europe will face a shortage of 833,000 barrels of middle distillates (jet fuel and diesel) in the third quarter.

LSEG data showed that the east-west spread or the difference between ICE Gasoil front months and Asia swaps has widened in the last two trading sessions to discounts of almost $140 a metric tonne, compared to $80 a metric tonne in the first four week of July.

Exports to Europe Uncertain for August

James Noel Beswick, head of commodities at Sparta Commodities, said that for Europe to continue to benefit from this trade flow into August, it must "outbid an East which is still paying for the same cargoes".

He added that despite the greater east-west distribution, shipping diesel from India's westcoast using Long-Range?2 ships capable of carrying?90,000.00 metric tons (750,000 bbls) to Asia was more cost-effective than Europe during the first half August as compared to July.

Shipping data shows that the cost of chartering an LR2 to transport refined fuels to Europe from India's west coast is slightly higher than $5 million, or $55 per ton.

The price of diesel in Asia has also risen to a four-month high at $77 per barrel. This is due to the tightness on markets west of Suez.

Kpler data on ship tracking showed that India's exports are on track to reach an 11-month record of 2.8m?barrels. Cargoes will be loaded at Reliance Jamanagar's refinery and Vadinar.

The data shows that Russian exports in July were at their lowest level for nearly four years. Reporting by Trixie YAP in Singapore and Seher DAREEN in London, with editing by Florence Tan and Clarence Fernandez

(source: Reuters)