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Sign InAmid escalating geopolitical tensions and shifting energy trade routes, India’s Oil Minister Hardeep Singh Puri stated that Indian refiners are not directly exporting refined petroleum products to Russia. However, Indian authorities admitted that supplies from independent traders are likely reaching Russia to ease shortages caused by Ukrainian drone attacks on its domestic refining infrastructure. This official denial serves to maintain India's diplomatic neutrality while acknowledging the fluidity of global fuel supply chains through third-party intermediaries.
The situation unfolds as Russia grapples with significant disruptions to its gasoline production, with market estimates suggesting that Ukrainian strikes sidelined approximately 14% of Russian refining capacity in early 2024 (per Reuters citations). Contextually, global trade remains volatile, as evidenced by the U.S. Goods Trade Balance hitting -105.8 billion dollars in June 2026 according to market data. India continues to function as a critical global refining hub, often processing Russian crude for re-export to international markets under complex regulatory frameworks.
Investors should watch for India's Industrial Production data on June 29, 2026, which previously stood at 5.1%, as it indicates the operational strength of the country's refining sector. Additionally, the Chinese Manufacturing PMI scheduled for June 30, which recently printed at 50.6, remains a key catalyst for regional energy demand sentiment. While no specific Indian equity tickers were provided, the focus remains on global crude benchmarks and their impact on Asian refining margins following these supply chain revelations.