Ban on Russian oil imports begins to have an impact on Indian supplies, BPCL bids – not enough cargo for March

New Delhi| Widespread US sanctions imposed on Russia’s oil sector have started affecting the flow of crude oil into India. Bharat Petroleum Corporation Ltd. (BPCL) said, there is not enough cargo available for the March supply. The U.S. had announced sweeping sanctions targeting the Russian energy sector on Jan. 10. These restrictions were announced at a time when India’s oil refining companies were starting negotiations for March cargo.

Speaking to analysts, BPCL Director (Finance) V Ramakrishna Gupta said Russian oil was booked for January and February in the last two months, but sufficient cargo is not available for March supplies. Russian oil’s share of crude supply could decline from 31 percent in the October-December quarter to 20 percent in the March quarter, he said. Indian companies started importing Russian oil available at cheap prices on a large scale amid sanctions on Russia after the start of the Ukraine war.