Page 3 - Policy Economic Report -August 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Change in real GDP Growth (%) (World)........................................................................................ 9
Figure 2: Consumer price inflation, annual change (%) .............................................................................. 11
Figure 3: Global consumer price inflation and PMI selling prices............................................................... 12
Figure 4: Drivers of higher worldwide selling prices................................................................................... 13
Figure 5: Global goods exports ................................................................................................................... 14
Figure 6: Flash PMI output for G4 economies ............................................................................................ 15
Figure 7: Flash PMI Output Indicators for G4 developed economies (US, Eurozone, UK and Japan) ........ 16
Figure 8: Trends in CPI (General) and Consumer Food Price Inflation (CFPI), June–July 2026.................. 22
Figure 9: Inflation Rates Across Major CPI Groups (June 2026) ................................................................. 23
Figure 10: Wholesale Price Index (WPI) and Inflation Rate (July 2025 – July 2026)................................... 24
Figure 11: Inflation across Major Commodity Groups (%).......................................................................... 25
Figure 12: Output PPI for All Commodities................................................................................................. 26
Figure 13: HSBC India Composite PMI Output Index and GDP Growth (2013–2026) ................................ 27
Figure 14: Total Trade during July 2026 (estimated) ................................................................................. 30
Figure 15: Trade excluding Petroleum and Gems & Jewellery during July 2026........................................ 30
Figure 16: Index of Core Industries (ICI) and Year-on-Year Growth Rate (July 2025 – July 2026)............. 31
Figure 17: Sector-wise Growth Rate of Core Industries – June and July 2026 .......................................... 31
Figure 18: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 41
Figure 19: Indian crude oil basket price in $ per bbl................................................................................... 42
Figure 20: Refining Margins ($/bbl) ............................................................................................................ 45
Figure 21: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 45
Figure 22: Global natural gas price trends ($/mmbtu) ............................................................................... 49
Figure 23: Domestic natural gas price August’25–26 ($/mmbtu) .............................................................. 50
Figure 24: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 51
Figure 25: LNG imports (Qty in MMSCM) ................................................................................................... 51
Figure 26: Sectoral Consumption of Natural Gas (Qty in MMSCM) in July 2026........................................ 52
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Table 1: CPI & Consumer Food Price Inflation (CFPI) – Inflation Rates & Index Values (July & June 2026)22
Table 2: Trade during July 2026 .................................................................................................................. 29
Table 3: Crude oil price in August, 2026 ..................................................................................................... 41
Table 4: Non-DoC liquids production in 2026, mb/d .................................................................................. 43
Table 5: World Oil demand, mb/d .............................................................................................................. 44
Table 6: Singapore FOB, refined product prices ($/bbl) in July 2026 ......................................................... 46
Table 7: Petroleum products consumption in India, July 2026 and Year till Date (YTD) ............................ 47
Table 8: Gas price, July 2026....................................................................................................................... 49

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