Bharat Petroleum Eyes More Iraqi and Persian Gulf Crude Despite Strait Risk
Bharat Petroleum says it will receive its first Iraqi oil cargo of the fiscal year in the next few days, after a vessel was secured and crude is expected to reach refineries soon. The company typically needs about two million barrels of Iraqi oil monthly and is exploring additional free-on-board lifts from the Persian Gulf if ships are available, including inside the Strait of Hormuz if insurance costs and demurrage remain commercially viable, following Iraq’s discount offer.