India's crude oil basket exceeds $100 per barrel
In India, the price of the so-called Indian Basket of crude oil rose to $101.07 per barrel on Friday, exceeding the $100 mark for the first time since May. OilPrice reports, citing data from India's Petroleum Planning and Analysis Cell (PPAC).
Prices in September
The Indian Basket is a calculated indicator that includes the Dated Brent benchmark grade and average quotations for Oman and Dubai grades. It reflects the average cost of oil imported by Indian refineries.
As of Monday, the average price of the Indian Basket since the beginning of September stood at $99.38 per barrel. For comparison, the indicator was $83 in June, $82 in July, and $90 per barrel in August.
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Import costs
OilPrice links the rise in international oil prices to intensified fighting in the Middle East. The publication also reports reduced oil flows from the region and elevated risks to shipping in the Strait of Hormuz.
According to OilPrice, freight rates on the route from Ras Tanura in Saudi Arabia to India have risen by more than 400% since February 28. In April-June, India spent 60% more on crude oil imports than in the same period last year, despite somewhat lower purchase volumes. In July, the import bill was 41% higher year-on-year.
