Indian Refiners Turn to Middle East Crude as Russian Volumes Decline

Indian state-run refiner Bharat Petroleum Corporation Limited (BPCL) has moved to secure additional Middle Eastern crude supplies, awarding year-long tenders for Iraq’s Basrah Medium and Oman grades to trader Trafigura, according to Reuters. The shift follows reduced access to discounted Russian barrels after fresh U.S. sanctions and highlights India’s ongoing effort to diversify feedstock while maintaining refinery runs. The move has implications for global crude flows and benchmarks, with potential demand support for Middle Eastern-linked grades that influence both Oil – US Crude (WTI) and Oil – Brent Crude, as India remains one of the fastest-growing major oil consumers.

Over the past month, prices for Oil – US Crude have advanced about 3.12%, reflecting tighter supply expectations and resilient demand, with the 1-day technical signal currently indicating a short-term Buy bias. Oil – Brent Crude has gained roughly 3.61% over the same period, suggesting similar underlying bullish sentiment in international benchmarks, and its 1-day technical view is also aligned with a near-term Buy signal. These moves underscore how supply reallocation from Russia to the Middle East may be contributing to a firmer pricing environment for both key crude benchmarks. Investors can explore more updates, prices, and analysis across global markets at Commodities.