<p id="thickbox_headline">State-run Indian refiner Bharat Petroleum Corp is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said.</p>.<p>BPCL, India second biggest state refiner, on an average buys two million barrels of Russian Urals every month on a delivered basis, where the seller arranges for insurance of the cargo and ships. The oil is processed at BPCL's 310,000 barrels per day (bpd) Kochi refinery in southern India.</p>.<p>BPCL has booked one million barrels of Urals for loading in March and three million in April.</p>.<p>Traders are willing to meet the existing commitments, but have told BPCL they will not quote for supplies in future months, the source said, adding: "No one knows how the situation will pan out in April, so BPCL wants to be prepared."</p>.<p>Russia's invasion of Ukraine, which Moscow calls a "special operation," was met with widespread condemnation and an array of sanctions by Western countries.</p>.<p>The United States and its allies have targetted Russia's central bank, top businesses, oligarchs and officials, including President Vladimir Putin himself.</p>.<p>The source said Gulf producers had not committed to additional supplies for BPCL, as allocations for April loading are due to be finalised next week.</p>.<p>BPCL also intends to draw from its inventories to make up for any shortfall of Russian oil, the source said.</p>.<p>The company did not respond to an email seeking comment.</p>.<p>On Monday, Indian Oil Corp (IOC), the country's top refiner, said it would accept Russian oil and Kazakhstan's CPC blend only on a delivered basis due to insurance risks. IOC last week bought Russian oil in a tender after a two-year gap.</p>.<p>India's top lender State Bank of India has told clients it won't handle trade relating to sanctioned entities in any currency.</p>.<p><strong>Watch the latest DH videos:</strong></p>
<p id="thickbox_headline">State-run Indian refiner Bharat Petroleum Corp is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said.</p>.<p>BPCL, India second biggest state refiner, on an average buys two million barrels of Russian Urals every month on a delivered basis, where the seller arranges for insurance of the cargo and ships. The oil is processed at BPCL's 310,000 barrels per day (bpd) Kochi refinery in southern India.</p>.<p>BPCL has booked one million barrels of Urals for loading in March and three million in April.</p>.<p>Traders are willing to meet the existing commitments, but have told BPCL they will not quote for supplies in future months, the source said, adding: "No one knows how the situation will pan out in April, so BPCL wants to be prepared."</p>.<p>Russia's invasion of Ukraine, which Moscow calls a "special operation," was met with widespread condemnation and an array of sanctions by Western countries.</p>.<p>The United States and its allies have targetted Russia's central bank, top businesses, oligarchs and officials, including President Vladimir Putin himself.</p>.<p>The source said Gulf producers had not committed to additional supplies for BPCL, as allocations for April loading are due to be finalised next week.</p>.<p>BPCL also intends to draw from its inventories to make up for any shortfall of Russian oil, the source said.</p>.<p>The company did not respond to an email seeking comment.</p>.<p>On Monday, Indian Oil Corp (IOC), the country's top refiner, said it would accept Russian oil and Kazakhstan's CPC blend only on a delivered basis due to insurance risks. IOC last week bought Russian oil in a tender after a two-year gap.</p>.<p>India's top lender State Bank of India has told clients it won't handle trade relating to sanctioned entities in any currency.</p>.<p><strong>Watch the latest DH videos:</strong></p>