BPCL buys 2 million barrels of Russian Ural for loading in May
With the purchase of BPCL, India has so far stockpiled at least 16 million barrels of Russian oil as of February 24. Bharat Petroleum Corp Ltd bought 2 million barrels of Russian Ural for the May loading from trader Trafigura, two sources familiar with the purchase said. Since Russia's invasion of Ukraine on February 24, Indian refineries, the world's third-largest oil importer and consumer, have been earning Russian oil through spot trades, taking advantage of take advantage of high discounts amid returning buyers. BPCL and Trafigura do not. Respond immediately to requests for comment. The state-owned refinery regularly buys Russian Ural for 310,000 barrels per day (bpd) Kochi in southern India. With the purchase of BPCL, India has so far stockpiled at least 16 million barrels of Russian oil as of February 24, equivalent to imports for the whole of 2021, according to Reuters calculations. The Urals discount on Brent dates back to...