Page 35 - Policy Economic Report_Feb'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 11: Indian crude oil basket price in $ per bbl

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Source- PPAC

• Indian crude basket price averaged $77.33 per barrel in February 2025, down by 3.4% on Month on
Month (M-o-M) and by 5.2% 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 Declaration of
Cooperation) in 2025 is forecast to grow by 1.0 mb/d, y-o-y, unchanged from last month’s assessment.

• The main growth drivers are expected to be the US, Brazil, Canada, and Norway. Non-DoC liquids
supply growth in 2026 is also forecast at 1.0 mb/d, mainly driven by the US, Brazil and Canada.
Meanwhile, natural gas liquids (NGLs) and non-conventional liquids from countries participating in
the DoC are forecast to grow by about 80 tb/d, y-o-y, in 2025, to average 8.4 mb/d, followed by an
increase of about 0.1 mb/d, y-o-y, in 2026 to average 8.5 mb/d. Crude oil production by the countries
participating in the DoC decreased by 118 tb/d in January, m-o-m, averaging about 40.62 mb/d, as
reported by available secondary sources.
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