NEW YORK/NEW DELHI : India's state-run Bharat Petroleum Corp Ltd is scooping up rising volumes of U.S. crude, people familiar with the matter said, as fuel demand in the Asian country recovers and weak U.S. crude prices make purchases attractive.
BPCL, the second-largest state-run refiner in India, has purchased about 9 million barrels of U.S. crude for delivery in August, September and October so far, two sources with knowledge of the matter said. Another state-run Indian refiner, Indian Oil Corp, has also been seeking barrels but has been less active in the United States and more focused on the West African crude market so far, traders said. Since April, IOC has been buying U.S. oil under spot deals, one source familiar with the matter said.
U.S. crude exports have dropped in recent weeks due to spotty fuel demand worldwide. The four-week average of total U.S. crude exports sank to just 2.4 million barrels per day in the week to Aug. 6, the lowest since February 2019, according to the U.S. Energy Information Administration. Analysts expect U.S. exports to continue to grow, however.
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