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Bharat Petroleum Eyes More Iraqi and Persian Gulf Crude Despite Strait Risk

Bharat Petroleum logoBharat Petroleum
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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.

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