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The wars in Iran and Ukraine are turning into a money-making opportunity for Indian and U.S. oil refiners as traditional global supply chains get jammed up. These refiners are running near capacity and subbing for Russian and Gulf oil in Asia, Europe and Latin America. In exchange, they're minting billions of dollars in export income.
Washington and New Delhi might have their own squabbles over oil, but that's not stopping either from sitting on an export windfall worth billions of dollars, mostly from selling heating oil and diesel.
U.S. refiners exported diesel and heating oil at a record 1.9 million barrels per day in the week ending August 7. Also, jet fuel exports of 443,000 bpd were just below May's record of 455,000 bpd.
Brazil, historically a top buyer of Russian diesel, imported 196,000 bpd of U.S. diesel last month, more than double June's volume, after Moscow extended its fuel-export ban to January 2027, according to Kpler vessel-tracking data.

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