India’s state-run refiner Bharat Petroleum Corp. is recalibrating its crude import strategy almost daily and ramping up spot purchases after the US-Israeli war on Iran disrupted Middle East supplies, Chairman Sanjay Khanna says, according to Reuters.
BPCL had planned to source about 55pc of its crude requirement for 2026/27 through annual contracts, mainly from Middle Eastern producers, and the rest through spot markets.
But force majeure declarations by some Gulf suppliers have pushed BPCL to increase spot buying to keep refineries running at 115pc capacity, Khanna said.
“Definitely, our spot volume has gone up considerably in recent times because of all the uncertainty.”
BPCL operates three refineries in India with a capacity to process 706,000 barrels per day of oil.
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