India’s crude import cost slips below $60 a barrel
NEW DELHI: India’s average crude oil import cost fell below $60 a barrel on Monday, among the lowest it has been in five years despite global geopolitical upheavals and sanctions against three major crude oil suppliers—Iran, Russia and Venezuela.
The daily average price of various crude grades (popularly known as Indian basket) dipped to $59.29 a barrel on January 5. The last time, the daily average price of Indian basket stood below $60 was on February 5, 2021 (at $59.34). The Indian basket of crude oil represents a cocktail of sour grade and sweet grade of crude oil processed in Indian refineries.
