Indian state-run company BPCL is in talks with Rosneft to buy 6m tonnes of discounted Russian crude oil worth $8 per barrel less than the Dubai benchmark by March 2024. The deal, which needs approval from BPCL’s board, will mark a shift by Rosneft to pricing oil against Asian benchmark Dubai. Rosneft would deliver the equivalent of 6-7 cargoes per month under the arrangement.
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