Price of Crude Oil in International Market

The crude oil price fluctuates on a daily basis in the international market. The average price of Indian Basket of crude oil and the quantum of crude oil purchased year-wise are given below.

Financial Year Indian Basket of Crude Oil ($/bbl) Import of crude oil ('000 Metric Tonnes)
2015-16 46.17 202850
2016-17 47.56 213932
2017-18 56.43 220433
2018-19 69.88 226498
2019-20 60.47 226955

Indian basket of Crude Oil represents a derived basket comprising of Sour grade (Oman & Dubai average) and Sweet grade (Brent Dated) of Crude oil processed in Indian refineries.