| India’s crude oil basket on Wednesday touched a record high of $92.29 ( Rs 3,641) a barrel on the back of the surge in prices abroad, a release from the petroleum and natural gas ministry said on Thursday.
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| The highest level touched by the basket last time was $92.13 a barrel on November 26, 2007.
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| US crude oil futures on New York Mercantile Exchange ended at a new settlement high Wednesday after briefly touching $100 a barrel for the first time intraday, fuelled by concerns of violence in Nigeria’s oil producing region.
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| February oil futures ended at $99.62 a barrel Wednesday, up $3.64 from previous close.
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| The Indian basket so far has averaged $92.29 a barrel in January as against $87.92 a barrel in December and $89.11 in November.
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| India’s crude oil basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in the ratio of 59.8:40.2. Dubai crude closed at $89.22 a barrel, down 10 cents from previous close, while Oman crude was up marginally to close at $89.50 a barrel Wednesday.
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Prices could rise: ONGC
Crude oil prices may rise further from the current level of $100 a barrel, R S Sharma, chairman and managing director, Oil and Natural Gas Corporation said on Thursday.
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| “I apprehend that prices could surge further beyond $100 a barrel,” Sharma said.
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| He said the surge in crude oil prices is a result of geo-political issues, supply constraints and continued demand from developing countries.
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| At current crude prices, ONGC’s subsidy burden for the current financial year ending March is likely to cross Rs 20000 crore, Sharma said.
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| He said the company’s gross realisation per barrel at the current crude price would be about $90-95 per barrel. |
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