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Ban On Russia Oil Import: Comprehensive US sanctions imposed on Russia’s oil sector have started affecting the flow of crude oil to India. Public sector Bharat Petroleum Corporation Limited (BPCL) has said that there is not enough cargo available for March supplies. The restrictions were announced at a time when India’s oil refining companies were beginning negotiations for March cargoes.
America had imposed a comprehensive ban on Russian oil on January 10.
On January 10, the US had announced the imposition of comprehensive sanctions targeting the Russian energy sector. These include sanctions on Russian oil producers Gazprom Neft and Surgutneftgas, blacklisting 183 vessels involved in Russian energy exports, and sanctions on dozens of oil traders, oil field service providers, tanker owners and managers, insurance companies and energy officials.
What does BPCL have to say on this?
BPCL Director (Finance) V Ramakrishna Gupta told analysts on Thursday that Russian oil had been booked for January and February in the last two months but sufficient cargo was not being available for March supplies. He said that the share of Russian oil in crude oil supply is expected to decline from 31 percent in the October-December quarter to 20 percent in the March quarter.
There is enough oil available in the market – BPCL
At the beginning of the current financial year in April 2024, the share of Russian oil in the total oil refined by BPCL was 34-35 percent. Amidst the fear of disruption in oil supply from Russia, Ramakrishna Gupta said that there is enough oil available in the market and the company can turn to West Asian countries to compensate for this loss.
After the start of the Russia-Ukraine war, America and other western countries had imposed many restrictions on Russian oil imports. In such a situation, Indian companies started importing Russian oil available at cheap prices on a large scale. Within a few years, Russia’s share in the country’s total oil purchases increased to about 40 percent.
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