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Indian Basket (IB), also known as Indian Crude Basket, is weighted average of Dubai and Oman (
Indian Basket (IB), also known as Indian Crude Basket, is weighted average of Dubai and Oman (sour
The gustatory system or sense of taste is the sensory system that is partially responsible for the perception of taste (flavor). Taste is the perception produced or stimulated when a substance in the mouth reacts chemically with taste receptor ...
) and the Brent Crude
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercon ...
(sweet
Sweetness is a basic taste most commonly perceived when eating foods rich in sugars. Sweet tastes are generally regarded as pleasurable. In addition to sugars like sucrose, many other chemical compounds are sweet, including aldehydes, ketone ...
) crude oil prices. It is used as an indicator of the price of crude imports in India and Government of India
The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
watches the index when examining domestic price issues.
Methodology for calculation
The Indian basket of Crude Oil represents a derived basket comprising Sour grade (Oman and Dubai average) and Sweet grade (Brent Dated) of Crude oil processed in Indian refineries. During the year 2018-19,the ratio is 75.50 : 24.50 (Dubai : Brent respectively) and during the year 2017-2018, the ratio was 74.77 : 25.23 (Dubai : Brent). The Indian Basket is weighted average of daily prices and is updated daily on the website of the ''Petroleum Planning and Analysis Cell'' of theMinistry of Petroleum and Natural Gas
The Ministry of Petroleum and Natural Gas (MOP&NG) is a ministry of the government of India responsible for the exploration, production, refining, distribution, marketing, import, export, and conservation of petroleum, natural gas, petroleum ...
.
Indian Basket prices
See also
*Benchmark (crude oil)
A benchmark crude or marker crude is a Petroleum, crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend, and Dubai Crude. Other well-known b ...
References
External links
{{Petroleum industry Benchmark crude oils Petroleum