UPSC Prelims Practice Questions — Notable rise in India’s oil sources, CEA highlights in Survey

Q1. In the context of India's crude oil imports highlighted in the Economic Survey 2025-26, what does the term 'Indian Crude Basket' refer to?

  • A. The list of countries from which India is permitted to import crude oil under bilateral hydrocarbon agreements
  • B. The weighted average of Dubai-Oman (sour) and Brent Dated (sweet) crude oil prices used as the benchmark for pricing India's crude oil imports
  • C. The volume-weighted physical blend of crude oils stored in India's Strategic Petroleum Reserves
  • D. The composite import duty structure applied by the Government of India on different grades of imported crude oil

Q2. As per Economic Survey 2025-26, which country registered the largest absolute percentage-point increase in its share of India's crude oil imports between April–December FY25 and April–December FY26?

  • A. United Arab Emirates
  • B. United States of America
  • C. Egypt
  • D. Libya

Q3. Which of the following is the nodal Union Ministry for administering India's crude oil import policy and the diversification of the crude oil source basket highlighted in the Economic Survey 2025-26?

  • A. Ministry of Commerce and Industry
  • B. Ministry of External Affairs
  • C. Ministry of Petroleum and Natural Gas
  • D. Ministry of Finance

Q4. With reference to India's crude oil import profile in April–December FY26 as compared to April–December FY25, as reported in the Economic Survey 2025-26, consider the following statements: 1. The share of crude oil imports from the United States rose from 4.6% to 8.1%. 2. The share of crude oil imports from Egypt declined between the two periods. 3. Crude oil imports from Russia, Saudi Arabia, Iraq and Venezuela registered a decline. Which of the statements given above is/are correct?

  1. The share of crude oil imports from the United States rose from 4.6% to 8.1%.
  2. The share of crude oil imports from Egypt declined between the two periods.
  3. Crude oil imports from Russia, Saudi Arabia, Iraq and Venezuela registered a decline.
  • A. 1 only
  • B. 1 and 3 only
  • C. 2 and 3 only
  • D. 1, 2 and 3

Q5. The Economic Survey 2025-26, which highlighted the notable rise in India's crude oil source countries, was prepared under the authority of the Chief Economic Advisor functioning in which of the following Union Ministries/bodies?

  • A. NITI Aayog
  • B. Prime Minister's Office
  • C. Ministry of Finance (Department of Economic Affairs)
  • D. Ministry of Statistics and Programme Implementation