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OIL: BPCL Seeks Middle East Crude Amid Drop in Russia Cargoes

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A reduction in crude supplies from Russia is forcing India’s BPCL to seek alternative and more expensive cargoes from the Middle East, according to Bloomberg.

  • “We are short of three, four Russian cargoes for January-loading and February-delivery,” said Bharat Petroleum Corp. Finance Director Vetsa Ramakrishna Gupta.
  • “We issued tenders and have secured alternate grades from Iraq, UAE and others”, he said.
  • Russian shipments to India have fallen to the lowest since December 2023 at 1.47mb/d this month, Kpler shows, amid tightening Western sanctions against Russia’s dark fleet of tankers, and with rising refinery run rates in Russia.
  • Middle Eastern crude is $2/bbl more expensive than Russia’s Urals but there is no wider market crude shortage, Gupta said.

 

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A reduction in crude supplies from Russia is forcing India’s BPCL to seek alternative and more expensive cargoes from the Middle East, according to Bloomberg.

  • “We are short of three, four Russian cargoes for January-loading and February-delivery,” said Bharat Petroleum Corp. Finance Director Vetsa Ramakrishna Gupta.
  • “We issued tenders and have secured alternate grades from Iraq, UAE and others”, he said.
  • Russian shipments to India have fallen to the lowest since December 2023 at 1.47mb/d this month, Kpler shows, amid tightening Western sanctions against Russia’s dark fleet of tankers, and with rising refinery run rates in Russia.
  • Middle Eastern crude is $2/bbl more expensive than Russia’s Urals but there is no wider market crude shortage, Gupta said.

 

Keep reading...Show less