Bharat Petroleum Corp has bought about 3.7 million barrels crude oil from West Africa, United States and the Middle East via spot purchases this week to replace oil from Russia, trade sources said.
The refiner bought one million barrels of Angola’s Agogo crude from Eni for the first time and one million barrels of US Mars crude from Shell, the people said.
It also purchased 700,000 barrels of Kuwaiti Ratawi crude from Chevron and one million barrels of Abu Dhabi’s Upper Zakum crude from Trafigura, they added.
The spot buying comes as Indian refiners look for alternatives after pausing Russian oil imports last month due to Western sanctions on Russia’s top oil producers.
