"Our expectation is that global supply and demand will be relatively balanced and the prices would be in the range of USD 83-87. The factors that could impact prices is largely related to unplanned production disruptions, a risk highlighted by the recent tensions in West Asia," chairman G Krishnakumar said in his opening remarks at the investors call.
Picking up the thread, company's director finance V R K Gupta said the discounts on Russian crude are expected to come down due to moderating demand-supply situation. "Last year, there was an over-supply. But now demand-supply dynamics is in moderate zone. So we are expecting moderate discounts, not aggressive." Russian shipments made up roughly 39% of crude processed by BPCL in 2023-24.
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