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Cairn Oil and Gas, Vedanta Limited has adopted the Platts Dated Brent crude oil benchmark to price the majority of its Rajasthan crude oil sales. This marks the first time a prominent grade of indigenously produced crude in India has been priced off the global oil benchmark, a statement from S&P Global Platts said.
Cairn Oil and Gas had begun using Platts Dated Brent for sales of Rajasthan crude in contracts from April 2020. Platts Dated Brent is the globally recognized crude benchmark, which estimates suggest is used to price more than 60 per cent of the world’s oil, the statement added.
“The selection of Platts Dated Brent as the price benchmark to price one of India’s flagship crude oil grades reflects the confidence Cairn India and buyers of RJ crude have in the quality of our independent price reporting. The integrity of the methodology underpinning our assessment processes allows Platts price benchmarks to be relied upon by the world’s most important energy markets, which explains Cairn’s decision to select Platts Dated Brent for use in its term oil contracts,” said Vera Blei, Head of Oil Markets, S&P Global Platts.
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