Indian refiners reportedly turn toward Gulf crude as Russian oil freight costs soar

Bloomberg reports Indian refiners are increasingly turning to Persian Gulf crude as high freight costs weaken the economics of Russian shipments. The Economic Times carries a Reuters report that BPCL expects its Russian crude purchases to fall in November; BPCL's finance chief said Middle Eastern grades are more commercially viable. Russian oil accounted for about 37% of BPCL's crude sourcing mix in the July–September quarter.