Page 43 - Policy Economic Report -August 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 19: Indian crude oil basket price in $ per bbl

120
115
110
105
100

95
90
85
80
75
70
65

Source: PPAC

• Indian crude basket price averaged $90.19 per barrel in August 2026, up by 9.9% on Month on Month
(M-o-M) and by 30.5% 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 expand by about 0.6 mb/d in 2026 to average 54.8 mb/d. This is unchanged from last
month’s assessment. The main drivers of growth in liquids production are expected to be Brazil, the
US, Canada, and Argentina.

• In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, also unchanged from last
month’s assessment. This growth will mainly be driven by Qatar, Canada, Brazil, and Argentina.
Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are
forecast to increase by about 0.1 mb/d, y-o-y, to average 8.8 mb/d in 2026. Additional growth of about
0.1 mb/d, y-o-y, is forecast for 2027, to average about 8.9 mb/d. In July, crude oil production by
countries participating in the DoC increased by 1.42 mb/d, m-o-m, to average about 37.66 mb/d,
according to available secondary sources.
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