India's refineries emerge as key global fuel supplier after West Asia, Russia disruptions

Damaged refineries in West Asia and Russia have caused a global fuel shortage, positioning India as a key swing supplier of refined products. US Secretary of State Marco Rubio's visit to the Jamnagar refinery highlights India's growing role in this sector. India has emerged as a strategic supplier because its refineries can process crude from any source, unlike European facilities designed for Russian oil. It is also the closest major refining destination to West Asia, just four days away, and exported 1.4 million barrels of refined products daily in July. About 20 Gulf refineries have been damaged, cutting 2.3 million barrels per day of capacity, while Ukrainian strikes on Russian refineries worsened shortages. India plans to increase refining capacity by 20% before 2030, even as roughly 100 refineries worldwide could shut by 2035.