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India’s BPCL To Buy Oil From Rosneft Priced on Dubai Benchmark

OIL

India’s BPCL is in talks with Rosneft to buy around 6mn tons, or 43.8 million barrels, of Russian crude at a price based on the Dubai benchmark according to three sources.

  • Under the pending deal, Rosneft would deliver the equivalent of 6-7 cargoes of around 700,000-720,000 barrels/month through March 2024 to India.
  • Russian crude sold to BPCL would be priced at a discount of $8/bbl to the Dubai benchmark, the sources said.
  • Indian Oil Corp struck a deal in April with Rosneft for up to 1.5mn tons/month of oil priced against the Middle East benchmark at a discount of $8 -10/bbl according to sources.

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