BPCL seeks extra Gulf oil, fearing Russian supply hit: Source

State-run Indian refiner Bharat Petroleum Corp. is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said.

BPCL, India second-biggest state refiner, on an average buys two million barrels of Russian Urals every month on a delivered basis, where the seller arranges for insurance of the cargo and ships. The oil is processed at BPCL’s 310,000 barrels per day (bpd) Kochi refinery in southern India.

BPCL has booked one million barrels of Urals for loading in March and three million in April.