BPCL Buys 1M Barrels of US Crude
India's Bharat Petroleum Corporation has purchased one million barrels of US West Texas Intermediate crude. The refiner secured the cargo for delivery between late December and early January.
Insights:
India refiner Bharat Petroleum Corp bought 1 million barrels of West Texas Intermediate crude at a premium of about $18 per barrel, trade sources said on Tuesday morning. The purchase marks a notable transaction for the state-backed refiner sourcing transatlantic grades. The transatlantic crude flows reflect shifting procurement strategies among refiners across South Asia.
