Indian Refiner BPCL Buys U.S. WTI Crude Oil Cargo
Bharat Petroleum Corporation Limited (BPCL), one of the biggest Indian state-owned refiners, has bought 1 million barrels of U.S. West Texas Intermediate crude, trade sources told Reuters on Tuesday, as India looks to procure…
What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,…
Bharat Petroleum Corporation Limited (BPCL), one of the biggest Indian state-owned refiners, has bought 1 million barrels of U.S. West Texas Intermediate crude, trade sources told Reuters on Tuesday, as India looks to procure cheaper cargoes amid freight rates easing from the record highs hit in early October.
BPCL has bought the cargo for delivery at Mumbai in late December-early January, paying a premium of some $18 per barrel over Dated Brent, according to Reuters' sources.
Last week, BPCL said it would 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.
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