BPCL says November Russian oil imports will drop as Middle Eastern grades become cheaper

BPCL indicated that its volume of Russian crude for November will be lower, citing the greater commercial appeal of Middle Eastern grades and rising shipping expenses. Vetsa Ramakrishna Gupta, the company's head of finance, noted that Russian oil accounted for roughly 37% of BPCL's sourcing mix in the July-September quarter. The shift follows a surge in Middle Eastern crude prices in September, which have returned to pre-war levels, and increased competition from China for Russian supplies.

BPCL also signaled that refinery operations may moderate in the third and fourth quarters as it carries out a planned 30-day shutdown at its Mumbai refinery and a 30-to-40-day maintenance turnaround at the Kochi refinery. Additionally, the company intends to dilute at least a 30% stake in its upcoming Andhra Pradesh refinery and petrochemicals venture.