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Bharat Petroleum buys 2 million barrels of Russian Urals for May loading, say sources

India’s Bharat Petroleum Corp Ltd has purchased 2 million barrels of Russian Urals for May loading from dealer Trafigura, two sources aware of the acquisition stated.

Refiners in India, the world’s third largest oil importer and shopper, have been snapping up Russian oil by spot offers since Russia’s invasion of Ukraine on Feb. 24, taking benefit of deep reductions as different patrons again away.

BPCL and Trafigura didn’t instantly reply to requests for remark.

The state-run refiner usually buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.

With BPCL’s buy, India has thus far booked not less than 16 million barrels of Russian oil since Feb. 24, just like imports in all of 2021, in line with Reuters calculations.

The Urals low cost to dated Brent has hit a document for the post-Soviet period as some patrons shunned Russian oil . Unlike a number of Western international locations, India has not banned Russian oil imports.

India’s international minister S. Jaishankar stated on Wednesday the federal government was working to stabilise financial transactions with Russia, a day after India condemned killings of civilians in Ukraine and referred to as for an impartial probe.

Jaishankar informed lawmakers in Parliament that Russia continued to be a essential financial associate and efforts have been underway to “stabilise economic transactions between India and Russia.”

India’s finance minister Nirmala Sitharaman final week stated India would purchase Russian oil if out there at a reduction.

(*2*) she stated.

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