India’s crude imports fell in August, and Russia’s share declined with them, exposing a supply problem that seasonal refinery patterns alone cannot explain. The usual maintenance period at Indian plants comes toward the end of the monsoon, when domestic diesel and gasoline demand typically eases, but most refiners have largely postponed this year’s work because the current market crisis has produced strong margins on refined products. Demand has also remained unusually resilient. The more consequential shift is on the other side…
