ABSTRACT
The U.S. Dollar is the primary medium of exchange for global trade and is also the currency used for pricing oil. This benefits the US and also gives it an important geopolitical tool in the form of sanctions. However, as the oil trade shifts from West to Asia, there is a need for relooking the benchmarks to more accurately represent current demand–supply patterns. This may be a chance for India to become a price-setter for oil in the Indian rupee.
