One of India's largest state-owned refiners has signed an agreement with BP to buy U.S. WTI crude for four months beginning in June.
One of India’s largest state-owned refiners, Bharat Petroleum Corporation Limited BPCL, has signed an agreement with supermajor BP to buy U.S. WTI crude for four months beginning in June, trade sources told Reuters on Wednesday. Under the deal, BPCL will be buying 1 million barrels of West Texas Intermediate crude from BP in each of the four months starting in June this year, according to the sources.
sanctions against Moscow. India is set to import in April its highest oil volumes from the United States in 11 months as the stricter enforcement of the U.S. sanctions against Russia is slowing Russian crude flows to the world’s third-largest crude importer. So far this month, three Indian refiners – state-held Bharat Petroleum and Indian Oil Corporation and private refining giant Reliance Industries – have already bought around 7 million barrels of U.S.
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