Bharat Petroleum scoops up US oil as demand rebounds
NEW YORK/NEW DELHI: State-run Bharat Petroleum Corp Ltd is scooping up rising volumes of US crude, people familiar with the matter said, as fuel demand in the Asian country recovers and weak US crude prices make purchases attractive.
Fuel demand in India rose in July to its highest since April as pandemic restrictions and lockdowns were unwound in most states. The country is the world’s third-largest crude importer and consumer.
US crude prices have become more attractive for Asian buyers as the Organization of the Petroleum Exporting Countries (Opec) and allies including Russia restrain production.
