Page 33 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 11: Indian crude oil basket price in $ per bbl

160
155
150
145
140
135
130
125
120
115
110
105
100

95
90
85
80
75

1-Apr-26
2-Apr-26
3-Apr-26
4-Apr-26
5-Apr-26
6-Apr-26
7-Apr-26
8-Apr-26
9-Apr-26
10-Apr-26
11-Apr-26
12-Apr-26
13-Apr-26
14-Apr-26
15-Apr-26
16-Apr-26
17-Apr-26
18-Apr-26
19-Apr-26
20-Apr-26
21-Apr-26
22-Apr-26
23-Apr-26
24-Apr-26
25-Apr-26
26-Apr-26
27-Apr-26
28-Apr-26
29-Apr-26

Source - PPAC

• Indian crude basket price averaged $115.54 per barrel in April 2026, up by 2.8% on Month on Month
(M-o-M) and by 69.9% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is
forecast to grow by about 0.6 mb/d, y-o-y, in 2026. The main drivers of liquids production growth are
expected to be the US, Brazil, Canada, and Argentina.

• In 2027, non-DoC liquids production is also forecast to grow by about 0.6 mb/d, unchanged from last
month’s assessment, mainly driven by Brazil, Canada, Qatar, and Argentina. 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 2026, to average about 8.8 mb/d, followed by similar growth in 2027 of about 0.1 mb/d, y-o-
y, to average about 8.9 mb/d. In March, crude oil production by countries participating in the DoC
dropped by 7.70 mb/d, m-o-m, to average about 35.06 mb/d, according to available secondary
sources.

Table 4: Non-DoC liquids production in 2026, mb/d

Non-OPEC liquids production 2025 1Q26 2Q26 3Q26 4Q26 2026

Americas 28.29 27.95 28.41 28.82 29.04 28.56
of which US 22.22 21.78 22.40 22.60 22.69 22.37
Europe 3.63 3.74 3.55 3.52 3.63 3.61

April 2026 Page | 32