Bharat Petroleum Corporation (BPCL) is set to float a four-month tender next week to buy 1 million barrels of US West Texas Intermediate (WTI) crude every month.
As per a report citing sources, the move aims to secure cheaper oil from the world’s top producer. The tender, which will be awarded for four months, is expected to begin deliveries in May or June 2025. This is not the first time BPCL has purchased US oil; the company awarded a similar tender to European major BP last year.
BPCL often buys US oil for its three refineries, which have a combined capacity to process 706,000 barrels of crude a day. India’s imports of US oil reached their highest level in over two years last month, as refiners sought alternative supplies after tighter US sanctions on Russian producers and shippers.