BPCL Seeks Big Discounts for Venezuelan Crude

Bharat Petroleum Corporation (BPCL) is seeking discounts between $10 and $12 per barrel for Venezuelan crude oil, a move that would signify its initial purchase of this specific resource. The company's upgraded Kochi and Bina refineries, along with the upcoming Andhra Pradesh facility, possess the capability to process the challenging heavy and acidic nature of Venezuelan crude. Historically, Indian refiners like Reliance Industries and Nayara Energy were prior buyers before US sanctions. Other state-run companies, including HPCL and Indian Oil, have also confirmed their ability to process Venezuelan crude by blending it with lighter grades. In a separate development on January 30, 2026, BPCL finalized a significant crude oil supply agreement with Trafigura for Iraqi Basrah and Omani crude, commencing April 2026.