Page 29 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 20: Indian crude oil basket price in $ per bbl

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92
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86
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82
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76

Source- PPAC

• Indian crude basket price averaged $82.55 per barrel in June 2024, down by 1.4% on Month on Month
(M-o-M) and up by 10.5% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• The non-Declaration of Cooperation (DoC) liquids supply (i.e., liquids supply from countries not
participating in the DoC) is expected to grow by 1.2 mb/d in 2024, unchanged from the previous
month’s assessment. The main drivers for growth are expected to be the US, Canada, Brazil and
Norway. In 2025, non-DoC liquids supply growth is expected at 1.1 mb/d, unchanged from the
previous month’s assessment. The growth is expected to be mainly driven by the US, Brazil, Canada
and Norway.

• Separately, DoC natural gas liquids (NGLs) and non-conventional liquids are forecast to grow by about
0.1 mb/d to average 8.3 mb/d this year, followed by an increase of 20 tb/d to average 8.3 mb/d in
2025. The DoC-22 crude oil production in May dropped by 123 tb/d, m-o-m, averaging 40.92 mb/d,
as reported by available secondary sources.
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