Indian supplies began to suffer from the ban on Russian oil imports, BPCL said - not enough cargo for March

Extensive US sanctions on Russia's oil sector have begun to have an impact on the flow of crude oil to India. Bharat Petroleum Corporation Ltd (BPCL) said that not enough cargo is available for March supply. The US had announced extensive sanctions targeting the Russian energy sector on January 10. These sanctions were announced at a time when India's oil refining companies were starting negotiations for March cargo.

BPCL Director (Finance) V Ramakrishna Gupta said in a conversation with analysts on Thursday, that Russian oil was booked for January and February in the last two months, but not enough cargo is available for March supply. He said the share of Russian oil in crude supply may come down from 31 percent in the October-December quarter to 20 percent in the March quarter. After the start of the Ukraine war, Indian companies started importing Russian oil on a large scale amid sanctions on Russia.