Page 3 - Policy Economic Report - August 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Global Growth in Q1 2025-26 (%).................................................................................................. 6
Figure 2: Real GDP Growth & Contributions to world growth...................................................................... 7
Figure 3: Global Growth in Q1 2025-26 (%).................................................................................................. 7
Figure 4: Merchandise trade volume growth, 2023-26 (% annual change) ................................................. 9
Figure 5: Market potential for next-generation power capacity & industrial heat by region, 2025-2050. 10
Figure 6: Commercial services trade growth by main sector, 2024Q1-2025Q1 (y-o-y, % change) ............ 11
Figure 7: Structure of world exports of commercial services, 2024 (%) shares ......................................... 12
Figure 8: Other commercial services exports by selected subsector, 2024 and Q1 2025 (y-o-y %)........... 13
Figure 9: Number of people living in extreme poverty: September 2024 data vs. latest data .................. 14
Figure 10: Year on year inflation rate based on CPI (%) ............................................................................ 16
Figure 11: All India inflation rates for CPI (General) and CFPI ................................................................... 17
Figure 12: Top five major states with high Year on Year inflation for the month of July, 2025 ................ 18
Figure 13: Total Trade during July 2025..................................................................................................... 20
Figure 14: Total Trade during April- July 2025 ........................................................................................... 20
Figure 15: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 30
Figure 16: Indian crude oil basket price in $ per bbl................................................................................... 31
Figure 17: Refining Margins ($/bbl) ............................................................................................................ 34
Figure 18: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 34
Figure 19: Global natural gas price trends ($/mmbtu) ............................................................................... 38
Figure 20: Domestic natural gas price July’24–25 ($/mmbtu).................................................................... 39
Figure 21: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 40
Figure 22: LNG imports (Qty in MMSCM) ................................................................................................... 41
Figure 23: Sectoral Consumption of Natural Gas (Qty in MMSCM) in June 2025 ...................................... 41
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Table 1: Trade during July 2025 .................................................................................................................. 19
Table 2: Crude oil price in August, 2025 ..................................................................................................... 31
Table 3: Non-DoC liquids production in 2025, mb/d .................................................................................. 32
Table 4: World Oil demand, mb/d .............................................................................................................. 33
Table 5: Singapore FOB, refined product prices ($/bbl) in July 2025 ......................................................... 35
Table 6: Petroleum products consumption in India, July 2025 and Year till Date (YTD) ............................ 36
Table 7: Gas price, July 2025....................................................................................................................... 38
Table 8: Gas price, GCV Basis ...................................................................................................................... 38

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