SINGAPORE, Sept. 14, 2020 /PRNewswire/ — S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, today announced that Cairn India Ltd., a unit of Vedanta Ltd. has adopted the Platts Dated Brent crude oil benchmark to price the majority of its flagship Rajasthan (“RJ”) crude sales. This marks the first time a prominent grade of indigenously produced crude in India has been priced off the global oil benchmark.
Cairn India, the largest private crude oil producer by volume in India, began using Platts Dated Brent for sales of Rajasthan crude in contracts beginning April 2020. Platts Dated Brent is the globally recognized crude benchmark, which estimates suggest is used to price more than 60% of the world’s oil.
With this step, India joins a host of largely sweet crude oil producers in Asia Pacific that have transitioned