Coronavirus impact: BPCL snaps up 500 mn barrels of distress crude
Sell-off-bound Bharat Petroleum has procured 500 million barrels of distress crude (five shiploads) at a discount of USD 3-5 per barrel to the already low prevailing price following order cancellations by coronavirus-hit China this month.
Since the outbreak of the epidemic, crude prices have plunged over USD 15 a barrel to around USD 50 now as large parts of China, the largest importer and consumer of crude, are under Beijing-ordered lockdown and millions of factories are closed.
The deadly virus outbreak in China since mid-January has left more than 2,660 dead and over 77,600 infected in China alone even as it has spread to countries like Korea, Japan, Iran and far-flung nations like Italy and France.
