Why the price of the Indian crude basket is sticky

In the last 10 days, Brent crude prices have dropped by 4.35 per cent after Saudi Arabia and Russia promised to increase output, but the price of the Indian crude oil basket has dropped only 1.9 per cent.

The Indian benchmark does not record the same fall as the price of the London-based Brent, which is followed by most international oil traders, because Brent has a share of around 27.62 per cent in the Indian basket. From $78.09 a barrel on May 18, Brent crude prices dipped to $74.69 a barrel on May 28, while the Indian basket prices saw a smaller decline from $77.43 to $75.95 …

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