Reported 5 days ago
One of India's largest refiners has started sourcing more expensive crude oil from the Middle East due to a reduction in supplies from Russia, highlighting changes in global export patterns. Bharat Petroleum Corp's Finance Director noted a shortage of Russian cargoes for early 2025, prompting tenders to secure alternative oil from Iraq and the UAE. While the cost of Middle Eastern crude exceeds that of Russian oil, there remains a sufficient supply in the market.
Source: YAHOO