BPCL buys Russian Urals, CPC from non-sanctioned entities, sources say

State refiners Indian Oil Corp and Bharat Petroleum Corp have placed January orders for the loading of Russian oil from non-sanctioned suppliers due to widening discounts, trade sources with knowledge of the matter said.

BPCL has bought four cargoes, two each of Russian Urals and CPC, they said, adding that Urals have been sold at a discount of $6-$7 per barrel to the dated Brent.

India’s top refiner, IOC, has also bought some cargoes of Russian oil for January loading, they said.