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

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  • Goldman Sachs projected a bullish view for the oil market in 2021, as prices recover alongside a possible COVID-19 vaccine. 
  • Analysts expect benchmark Brent crude futures to rally to $65 per barrel from $45 per barrel in the third quarter of 2021, before settling at $58 by the end of next year.
  • US oil benchmark West Texas Intermediate is now expected to hit $55.88 from $51.38 in 2021, Goldman Sachs said in a note dated August 30.
  • “There is a growing likelihood that vaccines will become widely available starting next spring, helping support global growth and oil demand, especially jet,” analysts said.
  • Visit Business Insider’s homepage for more stories.

Goldman Sachs expects the oil market to gain momentum in 2021 as the coronavirus-induced slump in demand is mitigated by the “rising likelihood of widely available vaccines” next spring. 

Analysts at the bank forecast international benchmark Brent will rally

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