AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

India BPCL buys 2 million barrels of Russian Urals for May loading

  • Refiners in India have been snapping up Russian oil through spot deals since Ukraine invasion, taking advantage of deep discounts as other buyers back away
Published April 6, 2022

NEW DELHI: India's Bharat Petroleum Corp Ltd has bought 2 million barrels of Russian Urals for May loading from trader Trafigura, two sources familiar with the purchase said.

Refiners in India, the world's third biggest oil importer and consumer, have been snapping up Russian oil through spot deals since Russia's invasion of Ukraine on Feb. 24, taking advantage of deep discounts as other buyers back away.

BPCL and Trafigura did not immediately respond to requests for comment.

India to continue oil purchases from Russia

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

With BPCL's purchase, India has so far booked at least 16 million barrels of Russian oil since Feb. 24, similar to imports in all of 2021, according to Reuters calculations.

The Urals discount to dated Brent has hit a record for the post-Soviet era as some buyers shunned Russian oil. Unlike several Western countries, India has not banned Russian oil imports.

India says no plans for now to buy Russian oil in rupees

India's foreign minister S. Jaishankar said on Wednesday the government was working to stabilise economic transactions with Russia, a day after India condemned killings of civilians in Ukraine and called for an independent probe.

Jaishankar told lawmakers in Parliament that Russia continued to be a critical economic partner and efforts were underway to "stabilise economic transactions between India and Russia."

India's finance minister Nirmala Sitharaman last week said India would buy Russian oil if available at a discount.

US warns India, others against sharp rise in Russian oil imports

"India's overall interest is what is kept in mind ... I would put my country's national interest first, and I would keep my country's energy security first," she said.

Comments

Comments are closed.

Noor Apr 06, 2022 06:18pm
Why , bcoz India is blue eyed boy of USA.
thumb_up Recommended (0)