India’s BPCL to Cut Russian Oil Imports Due to Higher Prices
Bharat Petroleum Corporation Limited (BPCL), one of the biggest Indian state-owned refiners, will reduce its purchases of crude oil from Russia in November as high freight costs and premiums for Russia’s crude undermine the…
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Bharat Petroleum Corporation Limited (BPCL), one of the biggest Indian state-owned refiners, will reduce its purchases of crude oil from Russia in November as high freight costs and premiums for Russia’s crude undermine the attractiveness of Moscow’s oil compared to Middle Eastern offers.
BPCL will buy lower volumes of Russian crude in November as the Middle East grades are more commercially attractive for the company now, BPCL’s head of finance, Vetsa Ramakrishna Gupta, said on Monday, discussing the refiner’s quarterly earnings with analysts.
Russian crude oil accounted for 37% of BPCL’s crude supplies in the quarter July to September, the executive said.
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