Bharat Petroleum Corporation Ltd expects Russian crude purchases to fall significantly in November as higher freight costs and narrowed premiums make Russian grades less competitive than Middle Eastern supplies. Russian crude accounted for about 37% of BPCL's sourcing in the July–September quarter, but the company has secured sufficient alternative supply from the Middle East, where volumes have increased. BPCL has also purchased 1 million barrels of US WTI crude for delivery to Mumbai in late December or early January, paying a premium of about $18 per barrel over Dated Brent.
BPCL Cuts Russian Crude Purchases for November as Freight Costs Erode Discount, Turns to Middle East and US WTI
Bharat Petroleum Corporation Ltd expects Russian crude purchases to fall significantly in November as higher freight costs and narrowed premiums make Russian grades less competitive than Middle Eastern supplies. Russian crude accounted for about 37% of BPCL's sourcing in the July–September quarter, but the company has secured sufficient alternative supply from the Middle East, where volumes have increased. BPCL has also purchased 1 million barrels of US WTI crude for delivery to Mumbai in late December or early January, paying a premium of about $18 per barrel over Dated Brent.
