Page 3 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Growth Projections by Region (Real GDP Growth, Percent change) ............................................. 9
Figure 2: Global Growth and Inflation Forecasts .......................................................................................... 9
Figure 3: Brent Crude Oil and Natural Gas Prices ....................................................................................... 10
Figure 4: Reorientation of Global Trade ..................................................................................................... 11
Figure 5: World Exports .............................................................................................................................. 12
Figure 6: Global Inflation Trends................................................................................................................. 12
Figure 7: Total Trade during March 2026 ................................................................................................... 20
Figure 8: Trade during FY 2025-26 (April-March) ....................................................................................... 20
Figure 9: Total Trade during FY 2025-26 (April-March) .............................................................................. 21
Figure 10: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 31
Figure 11: Indian crude oil basket price in $ per bbl................................................................................... 32
Figure 12: Refining Margins ($/bbl) ............................................................................................................ 34
Figure 13: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 35
Figure 14: Global natural gas price trends ($/mmbtu) ............................................................................... 38
Figure 15: Domestic natural gas price April’25–26 ($/mmbtu) .................................................................. 39
Figure 16: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 40
Figure 17: LNG imports (Qty in MMSCM) ................................................................................................... 40
Figure 18: Sectoral Consumption of Natural Gas (Qty in MMSCM) in March 2026 ................................... 41
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Table 1: Inflation rates for rural and urban ................................................................................................ 16
Table 2: Index numbers and inflation rate.................................................................................................. 17
Table 3: Trade during March 2026.............................................................................................................. 19
Table 4: World Oil demand, mb/d .............................................................................................................. 33
Table 5: Singapore FOB, refined product prices ($/bbl) in March 2026 ..................................................... 35
Table 6: Petroleum products consumption in India, March 2026 and Year till Date (YTD)........................ 36
Table 7: Gas price, March 2026 .................................................................................................................. 38

April 2026 Page | 2