HPCL Buys 2 Million Barrels of Angolan Oil for May Delivery
HPCL bought two million barrels of Angolan oil for May as high Middle East costs drive a shift to West African grades. The crude will supply its Barmer plant.
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State-run Hindustan Petroleum has secured 2 million barrels of oil from Angola through a recent tender. This move comes as India seeks to diversify its energy sources amid rising costs and supply disruptions in the Middle East. Historically, the nation has relied on the Middle East for more than 45% of its crude imports, but recent geopolitical tensions involving the United States, Israel, and Iran have significantly impacted shipments through the Strait of Hormuz.
