In the context of global oil prices “Brent crude oil" is frequently referred to in the news. What does this term imply? 1) It is a major source classification of crude oil. 2) It is sourced from North Sea 3) It does not contain sulphur. Which of the statements given above is/are correct?

The answer is B (1 and 2 only). Brent is a benchmark or marker crude, one of the three global price reference grades along with WTI and the Dubai/Oman group. That makes statement 1 correct. It is sourced from the North Sea, named after the Brent field, so statement 2 is correct.

Statement 3 is wrong. Brent is a light, sweet crude, and 'sweet' only means low sulphur, not zero sulphur. Brent carries roughly 0.4 per cent sulphur. Sweet crude is easier and cheaper to refine into petrol and diesel than sour crude, which is why it commands a premium.

• Statement 1: Correct. Brent is a benchmark used to price a large share of world crude trade.
• Statement 2: Correct. The benchmark is priced on a basket of North Sea grades, anchored on the Brent field.
• Statement 3: Incorrect. Low sulphur is not the same as no sulphur.

Mains angle: benchmarks such as Brent matter for India's import bill, since the crude basket that the Petroleum Ministry tracks is linked to these reference prices. Note that Brent field output has declined, so the benchmark now rests on a wider set of North Sea grades.

Trap: candidates often read 'sweet' as 'sulphur-free' and reject statement 3 for the wrong reason, or they pick option D after accepting the phrase 'major source' at face value.