State-owned Indian refiner Bharat Petroleum Corp Ltd. (BPCL) has locked in 1.2 million barrels of Middle East crude oil for February delivery, reinforcing India’s growing role as a key global crude importer. The procurement signals sustained demand strength amid rising refining activity.
- BPCL has secured 1.2 million barrels of Middle East crude for February delivery.
- India’s crude imports reached 4.3 million barrels per day in 2025.
- BPCL’s purchase represents a significant share of India’s monthly crude demand.
- Brent crude (BZ=F) traded near $82 per barrel at the time of reporting.
- IOC.NS and other Indian refiners are also increasing procurement activity.
- Increased Indian demand is contributing to tighter near-term crude supply.
Bharat Petroleum Corp Ltd. (BPCL), India’s second-largest state-owned refiner, has secured 1.2 million barrels of crude oil from Saudi Arabia and the United Arab Emirates for February delivery, according to shipping and trading data. The move underscores the company’s aggressive procurement strategy to meet rising domestic refining demand, particularly ahead of peak winter fuel consumption and seasonal maintenance cycles at other refineries. This procurement aligns with India’s broader trend of increasing crude oil imports, which reached 4.3 million barrels per day in 2025, accounting for over 85% of the nation’s total oil consumption. BPCL’s acquisition represents a significant portion of the country’s monthly crude requirement and reflects a shift toward securing long-term supply commitments from Gulf suppliers despite global market volatility. The purchase comes amid stable crude pricing, with Brent crude (BZ=F) trading around $82 per barrel and West Texas Intermediate (CL=F) near $78. The increased demand from Indian refiners has contributed to tighter near-term supply conditions, particularly for Middle East-origin grades like Murban and Dubai. Refiners including Indian Oil Corp (IOC.NS) and Reliance Industries have also ramped up procurement, compounding demand pressure. Market participants note that BPCL’s early booking could influence short-term crude futures and physical trading premiums, especially in the Asia-Pacific region. The move may also impact tanker freight rates and port congestion at major Indian export hubs like Kandla and Paradip.