Crude Conundrum: India's Pricey Problem at $100 a Barrel The news that India's crude import price has hit a six week high of $100 per barrel is not exactly earth shattering, but it underscores uncomfortable realities about the country's energy dependence.
The Indian basket of crude oil, which includes sweet grade Dated Brent and sour grade benchmarks from Oman and Dubai, averaged $101. 07 per barrel last Friday, marking its highest point since July 23.
International factors are driving this price surge: heightened tensions in West Asia and disruptions to oil supply through the Strait of Hormuz are causing ripples across global markets.