Page 28 - Policy Economic Report_Jan 25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 15: Indian crude oil basket price in $ per bbl

86

84

82

80

78

76

74

72

70

Source- PPAC

? Indian crude basket price averaged $80.02 per barrel in January 2025, up by 9.3% on Month on Month
(M-o-M) and up by 1.2% 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 1.1 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. The non-DoC liquids
supply growth in 2026 is also forecast to grow by at 1.1 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 90 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 dropped by 14 tb/d in December, m-o-m, averaging about
40.65 mb/d, as reported by available secondary sources.
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