Indian BPCL Boosts Middle East Oil Purchases as Russian Supply Dwindles

India’s state-run refiner Bharat Petroleum Corporation Limited (BPCL) has increased procurement of crude grades from the Middle East as Russian supply has declined in recent weeks, the head of finance of the second-largest Indian fuel retailer told Reuters. BPCL, which buys cheap Russian crude on the spot market, is not receiving its full supply of Russian oil, as it did earlier this year, the refiner’s head of finance Vetsa Ramakrishna Gupta told Reuters in an interview published on Monday. “There may be a shortage of two to…