India’s BPCL buys Upper Zakum crude for December to replace Russian oil, sources say
RoydadNaft – India’s Bharat Petroleum Corp has bought crude oil from Abu Dhabi in a spot tender to replace oil from Russia after the U.S. sanctioned two major Russian producers, two trade sources said on Monday.
One of the sources said ADNOC Trading will supply the cargo.
Washington last week imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil companies, stepping up efforts to pressure President Vladimir Putin to end the war in Ukraine.
BPCL buys 2 million metric tons (14.66 million barrels) of oil from the spot market monthly, most of which is Russian. For half of this supply, it hopes to keep buying Russian oil from non-sanctioned entities, the source said, adding that the rest will be non-Russian oil purchased from the spot market.
