Commodities

BPCL buys 2 million barrels extra Saudi oil for April

Reuters NEW DELHI | Updated on March 12, 2020 Published on March 12, 2020

Bharat Petroleum Corporation has bought two million barrels of extra Saudi oil for loading in April, a company official said, after the Kingdom slashed the selling price and announced plans to raise output to record 12.3 million barrels per day (bpd).

“We will be taking two additional cargoes of Arab mix...we have got a mix of Arab light and Arab medium,” said R. Ramachandran head, of refineries of BPCL, to Reuters.

He said his company is also exploring buying additional oil from United Arab Emirates.

UAE national oil company ADNOC said it would raise crude supply to more than four million bpd in April and would accelerate plans to boost its capacity to 5 million bpd, a target it previously planned to achieve by 2030.

The extra oil the two Gulf allies plan to add is equivalent to 3.6 per cent of global supplies and comes at a time when global fuel demand in 2020 is forecast to contract for the first time in almost a decade due to the coronavirus outbreak.

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Published on March 12, 2020
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