Page 28 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

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

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December 20, 2024
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December 30, 2024

Source- PPAC

• Indian crude basket price averaged $73.21 per barrel in December 2024, up by 0.2% on Month on
Month (M-o-M) and down by 5.4% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids supply (i.e. liquids supply from countries not participating in the DoC) is expected to
grow by 1.3 mb/d, y-o-y, in 2024, revised up slightly from last month’s assessment. The main growth
drivers are expected to be the US and Canada. For 2025, the non-DoC liquids supply growth forecast
is expected to grow by 1.1 mb/d, y-o-y, unchanged from last month. Growth is anticipated to be
mainly driven by the US, Brazil, Canada, and Norway.

• Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are
forecast to grow by about 0.1 mb/d, y-o-y, in 2024 to average 8.3 mb/d, followed by an increase of
about 80 tb/d, y-o-y, in 2025 to average 8.4 mb/d. Crude oil production by the countries participating
in the DoC increased by 0.32 mb/d in November compared with the previous month, averaging about
40.67 mb/d, as reported by available secondary sources.

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