Bharat Petroleum Corp requested extra Iran oil amid sanctions threat

Vastavam web: Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.The move by BPCL indicates that refiners will try to frontload their purchases from Iran ahead of a November U.S. deadline for re-imposing sanctions on the country’s petroleum sector.

Some sanctions take effect after a 90-day “wind-down” period ending on Aug. 6, and the rest, notably on the petroleum sector, after a 180-day “wind-down period” ending on Nov. 4.“At this point of time Iranian crude is attractive … it is faring better than spot cargoes and other crudes,” said one of the sources.“When the going is good, BPCL thought it should take it,” this source said.

BPCL did not respond and request for comment.India is Iran’s top oil client after China and was one of the few nations that continued to trade with Tehran during the previous round of Western sanctions as New Delhi follows only the restrictions imposed by United Nations.