India Is Becoming the World's Refining Swing Producer

For years, the world's swing oil producer has been Saudi Arabia.

Need more crude?

Riyadh opens the taps.

Too much oil?

Riyadh closes them.

But while everyone has been watching who controls crude production, another swing producer has quietly been taking shape—one that deals in diesel, jet fuel, and gasoline instead of crude oil.

It's India, and they’re taking charge.

When Middle Eastern refineries were damaged during the Iran/US war, when Russian diesel exports collapsed under the weight of Ukrainian drone strikes, and when Europe found…