Page 3 - Policy Economic Report - December 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Monthly growth forecast for 2025 ................................................................................................ 5
Figure 2: Trade policy uncertainty & Global goods trade and industrial production growth ...................... 6
Figure 3: Global economic growth & PMI..................................................................................................... 7
Figure 4: US federal funds rate over previous 10 years................................................................................ 8
Figure 6: Trade-distorting policy measures .................................................................................................. 9
Figure 6: Trade agreements ........................................................................................................................ 10
Figure 7: Goods trade growth ..................................................................................................................... 10
Figure 8: India’s GDP growth ...................................................................................................................... 11
Figure 9: Year on year inflation rate based on CPI...................................................................................... 12
Figure 10: All India inflation rates for CPI (General) and CFPI ................................................................... 13
Figure 11: Total Trade during November 2025.......................................................................................... 15
Figure 12: Total Trade during April-November 2025 ................................................................................. 16
Figure 13: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 23
Figure 14: Indian crude oil basket price in $ per bbl................................................................................... 24
Figure 15: Refining Margins ($/bbl) ............................................................................................................ 27
Figure 16: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 27
Figure 17: Global natural gas price trends ($/mmbtu) ............................................................................... 31
Figure 18: Domestic natural gas price December’24–25 ($/mmbtu) ......................................................... 33
Figure 19: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 34
Figure 20: LNG imports (Qty in MMSCM) ................................................................................................... 34
Figure 21: Sectoral Consumption of Natural Gas (Qty in MMSCM) in November 2025............................. 35
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Table 1: Trade during November 2025 ....................................................................................................... 15
Table 2: Crude oil price in December, 2025................................................................................................ 23
Table 3: Non-DoC liquids production in 2025, mb/d .................................................................................. 25
Table 4: World Oil demand, mb/d .............................................................................................................. 26
Table 5: Singapore FOB, refined product prices ($/bbl) in November 2025 .............................................. 28
Table 6: Petroleum products consumption in India, November 2025 and Year till Date (YTD) ................. 29
Table 7: Gas price, November 2025............................................................................................................ 31
Table 8: Gas price, GCV Basis ...................................................................................................................... 32

November 2025 Page | 2