Authored reference · verify composition against PPAC notices

The Indian Crude Basket — 75/25 Dubai-Brent.

This authored reference explains the Indian Crude Basket and its historical relationship to Brent. It does not verify the current composition, notification, or policy application.

01 / 03Composition

75% Dubai-Oman sour + 25% dated Brent sweet

Source-weighted composite, officially notified daily

The Indian Crude Basket (ICB) is a weighted blend reflecting the actual sourcing mix of Indian refiners:

~75% Dubai/Oman sour crude average — reflects the Middle East heavy-sour volumes that historically dominated Indian intake.
~25% dated Brent (sweet light) — captures the non-Middle East share (historically Nigeria / Angola / Americas).

The weights are notional / historical — not re-weighted as the actual import mix shifts. This is significant: even as Russian Urals rose to 35-40% of actual intake from 2022, the ICB weights did NOT re-weight to include Urals.

02 / 03Why it matters

Every policy formula pegs to ICB, not Brent

APM gas, RTP, under-recovery, windfall tax

03 / 03The divergence

When ICB drifts from Brent — and what it means

Sour discount widening · Russia Urals not in basket