BPCL Expects Russian Crude Imports to Fall
India's BPCL expects Russian crude purchases to drop in November as rising freight costs and unappealing offers make Middle Eastern grades more economical. The refiner also noted that refinery runs may moderate in the upcoming quarters due to scheduled maintenance shutdowns.
Insights:
Bharat Petroleum Corp Ltd expects Russian crude imports to decline in November as rising freight costs and higher offers shift refiners toward Middle Eastern alternatives. The state-backed refiner saw Russian oil account for 37% of its sourcing mix during the July-to-September quarter. The pivot reflects shifting economics in global energy markets as refiners recalibrate supply chains.
