Page 3 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Real GDP growth projections for 2024, 2025 and 2026 (y-o-y % change).................................... 5
Figure 2: Headline inflation projections for 2024, 2025 and 2026 (%, year-on-year) ................................. 6
Figure 3: Global economic growth and PMI................................................................................................. 7
Figure 4: Top Recipients of Remittances among Low- and Middle-Income Countries in volume, 2024..... 8
Figure 5: Top Recipients of Remittances among Low- and Middle-Income Countries in % of GDP, 2024.. 8
Figure 6: % of population in poverty & number in millions....................................................................... 10
Figure 7: Rates of multidimensional poverty and increased risks from extreme weather in IDA countries
compared with other countries .................................................................................................................. 11
Figure 8: Quarterly GDP Estimates along with Y-o-Y Growth Rates from Q1 FY 2021-22 to Q2 FY 2024-25
at Constant Prices ....................................................................................................................................... 12
Figure 9: Quarterly GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2021-22 to Q2 FY 2024-25
at Constant Prices ....................................................................................................................................... 13
Figure 10: Sector-wise growth rates (%) of real GVA for Q2 of FY 2023-24 and 2024-25 ......................... 13
Figure 11: Year-on-year inflation rate based on CPI .................................................................................. 14
Figure 12: All India Inflation Rates for CPI(General) and CFPI ................................................................... 15
Figure 13: India PMI ................................................................................................................................... 15
Figure 14: Overall Trade during November 2024 ...................................................................................... 17
Figure 15: Total Trade during April- November 2024 ................................................................................ 17
Figure 16: Growth in India’s FDI inflows .................................................................................................... 19
Figure 17: Annual change in world liquid fuels consumption (2022-2025) ............................................... 22
Figure 18: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 26
Figure 19: Indian crude oil basket price in $ per bbl................................................................................... 27
Figure 20: Refining Margins ($/bbl) ............................................................................................................ 30
Figure 21: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 30
Figure 22: Global natural gas price trends ($/mmbtu) ............................................................................... 34
Figure 23: Domestic natural gas price November’23–24 ($/mmbtu)......................................................... 35
Figure 24: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 36
Figure 25: LNG imports (Qty in MMSCM) ................................................................................................... 37
Figure 26: Sectoral Consumption of Natural Gas (Qty in MMSCM) in April-November 2024.................... 37
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Table 1: Trade during October 2024........................................................................................................... 16
Table 2: Crude oil price in December, 2024................................................................................................ 26
Table 3: Non-DoC liquids production in 2024, mb/d .................................................................................. 28
Table 4: World Oil demand, mb/d .............................................................................................................. 29
Table 5: Singapore FOB, refined product prices ($/bbl) in November 2024 .............................................. 31
Table 6: Petroleum products consumption in India, November 2024 and Year till Date (YTD) 2024 ........ 32
Table 7: Gas price, November 2024............................................................................................................ 34
Table 8: Gas price, GCV Basis ...................................................................................................................... 34

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