Page 30 - Policy Economic Report - April 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 18: Indian crude oil basket price in $ per bbl

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Source- PPAC

• Indian crude basket price averaged $67.99 per barrel in April 2025, down by 6.2% on Month on Month
(M-o-M) and by 24.0% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids supply (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecast to grow by about 0.9 mb/d, y-o-y, in 2025.

• The main growth drivers are expected to be the US, Canada, Brazil and Argentina. Non-DoC liquids
supply growth in 2026 also revised down slightly to about 0.9 mb/d, with the US, Brazil, Canada and
Argentina as the key drivers. Meanwhile, natural gas liquids (NGLs) and non-conventional liquids from
countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, to average 8.4
mb/d, followed by an increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.5 mb/d. Crude oil
production by the countries participating in the DoC dropped by 37 tb/d in March, m-o-m, averaging
about 41.02 mb/d, as reported by available secondary sources.
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