India: crude oil price trend 2024| ��ƽ��

Crude oil pricing of Indian basket from financial year 2009 to 2023, with an estimate for 2024 (in U.S. dollars per barrel)

Characteristic	Price in U.S. dollars per barrel
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-

Download

Source

Show detailed source information?

Already a member?

Source

Release date

November 2024

More information

Region

India

Survey time period

FY 2009 to FY 2024

Special properties

Indian Basket is the weighted average of sweet and sour crude oils from Dubai, Oman and Brent processed in the Indian refineries.

Supplementary notes

* Provisional.

India's financial year begins in April and ends in March. For example, FY 2012 started in April 2011 and ended in March 2012.

Citation formats

The average price of Indian basket crude oil was estimated to reach U.S. dollars per barrel in the financial year 2024. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly decreased from the previous year’s average of U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost *** U.S. dollars per barrel.

Recent trends in the Indian oil industry

The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years.

The future of the Indian energy sector

As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.