Page 32 - Policy Economic Report - August 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Table 2: Crude oil price in August, 2025

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 67.03
WTI 64.18 -3.1% -15.1%
Dubai 66.17 -4.3% -15.3%
Source- World Bank -3.1% -15.3%

Indian Basket Crude oil price

Figure 16: Indian crude oil basket price in $ per bbl

78
77
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73
72
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70
69
68
67
66
65
64
63
62

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

Source- PPAC

• Indian crude basket price averaged $69.11 per barrel in August 2025, down by 2.6% on Month on
Month (M-o-M) and by 11.7% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids production (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecasted to grow by about 0.8 mb/d, y-o-y, in 2025.

• The main growth drivers are expected to be the US, Brazil, Canada and Argentina. The non-DoC liquids
production growth forecast for 2026 is revised down slightly by 0.1 mb/d to average 0.6 mb/d, y-o-y,
with Brazil, the US, Canada and Argentina as the main growth drivers. Meanwhile, natural gas liquids
(NGLs) and non-conventional liquids from countries participating in the DoC are forecasted to grow
by 0.1 mb/d, y-o-y, in 2025, averaging 8.7 mb/d, followed by a similar increase of about 0.1 mb/d, y-
o-y, in 2026, to average 8.8 mb/d. Crude oil production by countries participating in the DoC increased
by 335 tb/d in July, m-o-m, to average about 41.94 mb/d, according to available secondary sources.

August 2025 Page | 31