finance
India’s oil basket hits four-year high at $113.49 a barrel
India’s oil basket reached $113.49 in March as West Asia supply disruptions lift global crude above $100 and OPEC+ mulls output changes.
Apr 3rd 2026 · India
Insights
- India’s oil basket averaged $113.49 per barrel in March, the highest in four years.
- Cost of crude for Indian refiners was $120.84 on April 1 while Brent hovered near $107 a barrel.
- International prices have traded in the $100 to $120 band, adding consumer and supply pressure globally.
- OPEC+ is set to meet to consider further output changes after agreeing a 206,000 bpd boost for April.
- Major producers including Saudi Arabia, Iraq, Kuwait and the UAE cut output after effective closure of Hormuz, disrupting over 20% of oil transit.
- Iraq lost more than 70% of its oil revenue versus February and has begun exporting crude by tanker truck through Syria.
Sources
- Oil price: Urals crude surges to $123.45, Brent crude at $109.03 gulfnews.com
- India’s Russian oil buys jump 90% in March timesofindia.indiatimes.com
- India’s crude price hits 4-year high; OPEC mulls hike in output timesofindia.indiatimes.com