Reliance Industries emerged as the biggest beneficiary of a global diesel supply crunch, exporting an estimated 541 kbd (thousand barrels per day) in October 2026, the highest level in the 18-month period, according to data from maritime intelligence firm Kpler.
Another private refiner, Nayara Energy, was the second-largest exporter, shipping an estimated 39 kbd in October. The supply shortage also boosted India’s diesel exports, which rose to 700,000 barrels per day (bd) in October 2026, the highest level since September 2025.
“India's diesel exports hit 700 kbd in Oct'26, the highest since September 2025! Record refinery runs, max distillate yield and strong cracks are driving exports. With runs around 5.6-5.7 Mbd, exports should stay strong, although robust demand will limit upside,” said Sumit Ritolia, lead research analyst, refining & modeling at Kpler, in a post on X.
The export surge comes as global diesel supplies have contracted sharply following the West Asia conflict. According to the International Energy Agency’s (IEA) Oil Market Report 2026, global gasoil production averaged 26.4 mbd in the second quarter, down 1.5 mbd year-on-year. Output in the third quarter was estimated at 27.2 mbd, a decline of 1.7 mbd.
Prolonged conflicts in oil-producing regions have disrupted crude supplies and reduced the availability of diesel, a key fuel for transport, industry and the movement of goods. The Russia-Ukraine war and Ukrainian drone attacks on Russian refineries have damaged Russia’s refining capacity and reduced its ability to export fuel.
The supply crunch has pushed diesel prices to around $220 a barrel in Europe and the US. The situation has prompted discussions between US President Donald Trump and Russian President Vladimir Putin on supplying diesel to global markets to help lower fuel prices. Trump has also waived certain sanctions, restrictions and duties under the Sanctioning Russia and Iran Act, citing US national interests.
Reliance, which operates the Jamnagar refining complex in Gujarat, is India’s largest exporter of petroleum products. Its diesel and gasoil exports increased from around 483 kbd in September and 463 kbd in July, following a sharp recovery from an estimated 322 kbd in June 2026. Shipments had previously peaked at around 495 kbd in September 2025.
Nayara Energy’s exports were considerably lower and more volatile. Its shipments stood at an estimated 39 kbd in October, down from around 69 kbd in September and 98 kbd in July. Nayara’s exports peaked at approximately 121 kbd in December 2025.
State-owned refiners, including Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), also contributed to India’s diesel and gasoil exports. In October 2026, the three companies’ exports increased, led by IOC at around 50 kbd. HPCL shipped approximately 25 kbd, while MRPL contributed around 25 kbd.