Bharat Petroleum Makes First US Oil Purchase

Bharat Petroleum Corporation Ltd (BPCL) has made its first purchase of US oil, buying high sulphur crudes Mars and Poseidon in a tender, reported a daily.

BPCL is the second Indian refiner to purchase US Gulf Crude after Prime Minister Narendra Modi’s visit to Washington last month when US president Donald Trump said that US is looking to export more energy products to India.

BPCL has bought a cargo containing 5,00,000 barrels each of Mars and Poseidon for delivery from September 26 to October 10. 

Earlier this month, Indian Oil Corp, the nation's top refiner, bought 1.6 million barrels of Mars. 

India is the latest Asian country to buy US crude after South Korea, Japan, China, Thailand, Australia and Taiwan after the OPEC cuts drove up prices of Middle East heavy-sour crude or grades with a high sulphur content. 

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