Indian refiners are buying Middle Eastern oil from the spot markets to partly replace Russian oil, two refining and trade sources said on Wednesday, part of an effort to help New Delhi negotiate a trade deal with Washington.
State-run Bharat Petroleum awarded its one-year tenders to buy Iraqi oil and Oman crude and is in the market to buy Murban oil from the United Arab Emirates under a separate tender, the sources said.
The sources said the tenders to import Iraq’s Basrah Medium oil and Omani oil were awarded to trader Trafigura.
Bharat Petroleum is seeking the supply of four firm cargoes of Oman oil and one cargo of Iraqi oil every quarter in the fiscal year beginning in April, the sources said.
Separately, state-run Hindustan Petroleum and Indian Oil, the country’s top refiner, have also stepped up purchases from the spot markets.
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