NEW DELHI/NEW YORK: Oil refiners in India and the U.S. are reaping a bonanza as wars in Iran and Ukraine have disrupted global fuel supplies, driven up prices, and left importers scrambling for barrels at the height of summer driving season in the Northern Hemisphere.
Unhindered by attacks or shipping blockades, refineries in India and the U.S. have ramped up exports to nations that previously relied on purchases from the Middle East and Russia. As long as wars disrupt those supplies, Indian and U.S. refiners should keep pocketing billions of dollars from higher exports, analysts and traders said.
