Bharat Petroleum Corporation Limited (BPCL) Expects Fewer Russian Crude Cargoes

Bharat Petroleum Corporation Limited (BPCL) expects to procure significantly fewer Russian crude cargoes in November as freight costs and supplier offers make Persian Gulf grades more commercially viable.

Director of Finance Vetsa Ramakrishna Gupta said Oct. 26 that the assessment reflected cargo economics, with freight costs and available Russian offers favoring Gulf grades. Russian purchases had eased slightly in October from July-September levels, he said. Gupta gave no November cargo count or purchase target and clarified that he meant BPCL’s purchases, not the availability of Russian crude.

Russian crude represented 37% of BPCL’s crude procurement in July-September 2026, while spot crude accounted for about 67% of procurement. Persian Gulf volumes increased in BPCL’s second fiscal quarter compared with the first, and the company expected Middle Eastern supply to rise further in October and November.

Gupta cited increased Saudi flows and some cargoes from the United Arab Emirates. Iraqi and Kuwaiti cargoes had not yet returned to full levels, he said.

Gupta described November Russian offers as carrying a premium of $10 to $12 per barrel over a benchmark. Separately, he said some Russian December offers carried a $1 to $2 per barrel premium to a benchmark on a delivered basis. BPCL still had one or two decisions on December cargoes pending.

India’s September crude-import mix also shifted toward the Middle East. Middle Eastern shipments reached 2.8 million barrels per day in September, up 32% from August. Russian imports fell 14% to 1.8 million barrels per day, and Russia’s share declined to 33.5% from 46.6% in August. Russia remained India’s largest single supplier. These national figures describe September imports, not BPCL’s planned November purchases.

BPCL has not quantified the expected November reduction. Its later sourcing mix remains open as one or two December cargo decisions are still pending.