The startup of the Jubail refinery in Saudi Arabia will eliminate India’s diesel exports to the Kingdom, and compete
with Indian exports in Europe. This development will displace 100,000 b/d of Indian diesel in 2014, and encourage
India to seek out market share in Asia. The increased competition by these suppliers will lead to a sharp
decrease in middle distillate spreads to crude.
ESAI Energy LLC
Integrated market analysis and forecasting methodology
