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OIL: India's Bharat Turning to Middle East Grades on Russia Tightness

OIL
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India’s state run refinery Bharat Petroleum is turning to Middle East crude grades due to less plentiful Russian supply its head of finance Vetsa Ramakrishna Gupta said to Reuters.

  • Indian state refiners are about 8-10mn bbls short for Jan loading cargoes Reuters sources reported last week because of Russian tightness.
  • "There may be a shortage of two to three cargoes per month ... whatever is the shortage of Russian crude, we are purchasing that from Middle East only," he said, adding that its recent purchases included Omani oil.
  • "Next year if there is any major impact on Russian supplies, we will explore more sources including WTI crude or Middle Eastern crudes, whichever is cheaper," Gupta said.
  • Russian oil makes up about 35% to 37% of the crude BPCL processes at its three refineries, which have a combined capacity of 706,000 bpd, he said.
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India’s state run refinery Bharat Petroleum is turning to Middle East crude grades due to less plentiful Russian supply its head of finance Vetsa Ramakrishna Gupta said to Reuters.

  • Indian state refiners are about 8-10mn bbls short for Jan loading cargoes Reuters sources reported last week because of Russian tightness.
  • "There may be a shortage of two to three cargoes per month ... whatever is the shortage of Russian crude, we are purchasing that from Middle East only," he said, adding that its recent purchases included Omani oil.
  • "Next year if there is any major impact on Russian supplies, we will explore more sources including WTI crude or Middle Eastern crudes, whichever is cheaper," Gupta said.
  • Russian oil makes up about 35% to 37% of the crude BPCL processes at its three refineries, which have a combined capacity of 706,000 bpd, he said.