New Delhi, Jan. 23 -- State-run Bharat Petroleum Corp. Ltd (BPCL) will sign a contract with Brazil's Petrobras next week to supply 12 million barrels of crude oil a petroleum ministry statement said, as India continues to diversify its sourcing beyond Russia and West Asia.

The contract will be signed at the upcoming India Energy Week 2026, to be held in Goa on 27-30 January. BPCL and Petrobras had signed a one-year contract in February last year. Under the new contract, crude oil will be supplied over FY27.

Union minister for petroleum and natural gas Hardeep Singh Puri said the global market is rapidly changing and India has diversified its oil import basket to navigate the volatile scenario. While India was earlier buying oil from 27 ...