Page 25 - Policy Economic Report - December 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 14: Indian crude oil basket price in $ per bbl

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Source - PPAC

• Indian crude basket price averaged $62.22 per barrel in December 2025, down by 3.9% on Month on
Month (M-o-M) and by 15.0% 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 Declaration
of Cooperation) is forecast to grow by about 1.0 mb/d, y-o-y, in 2025.

• The main growth drivers for 2025 are expected to be the US, Brazil, Canada, and Argentina. The non-
DoC liquids production growth forecast for 2026 remains at 0.6 mb/d, y-o-y, with Brazil, Canada, the
US, and Argentina as the main growth drivers. Natural gas liquids (NGLs) and non-conventional liquids
from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, to average
8.6 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 43 tb/d in November, m-o-m, to
average about 43.06 mb/d.
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