Page 3 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Contributions to Global Growth.................................................................................................... 5
Figure 2: Global consumer price inflation.................................................................................................... 6
Figure 3: Global trade growth ...................................................................................................................... 7
Figure 4: Government debt.......................................................................................................................... 8
Figure 5: Climate change exposure risk ....................................................................................................... 9
Figure 6: Global gas flaring and oil production .......................................................................................... 10
Figure 7: FDI inflows by region, bn of $ & % change.................................................................................. 11
Figure 8: Developing Asia: announced greenfield projects; By sector, value in bn of $, no. of projects,
growth rate %, 2021-2023 .......................................................................................................................... 12
Figure 9: Developing Asia: Top 10 investor economies by FDI stock......................................................... 13
Figure 10: Annual GDP estimates (in lakh crores) and Growth rates (%) .................................................. 15
Figure 11: Sectoral -wise growth rates (%) of Real GVA in FY 2022-23 & 2023-24 ................................... 16
Figure 12: Quarterly real GDP estimates (in lakh crores) and y-o-y growth rates (%)............................... 17
Figure 13: Inflation trend based on CPI (%) ............................................................................................... 17
Figure 14: Unemployment rate in India..................................................................................................... 18
Figure 15: Overall Trade during May 2024 ................................................................................................ 20
Figure 16: India’s current account balance................................................................................................ 21
Figure 17: US dollar share of foreign reserves........................................................................................... 24
Figure 18: Nontraditional currencies rise .................................................................................................. 25
Figure 19: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 27
Figure 20: Indian crude oil basket price in $ per bbl................................................................................... 28
Figure 21: Refining Margins ($/bbl) ............................................................................................................ 31
Figure 22: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 31
Figure 23: Global natural gas price trends ($/mmbtu) ............................................................................... 35
Figure 24: Domestic natural gas price May’23–24 ($/mmbtu)................................................................... 36
Figure 25: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 37
Figure 26: LNG imports (Qty in MMSCM) ................................................................................................... 38
Figure 27: Sectoral Consumption of Natural Gas (Qty in MMSCM) in May 2024 ...................................... 38
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Table 1: Inflows declined in more than half of the top 20 countries.......................................................... 14
Table 2: Trade during May 2024 ................................................................................................................. 19
Table 3: Crude oil price in June, 2024 ......................................................................................................... 27
Table 4: Non-DoC liquids production in 2024, mb/d .................................................................................. 29
Table 5: World Oil demand, mb/d .............................................................................................................. 30
Table 6: Singapore FOB, refined product prices ($/bbl) in May 2024 ........................................................ 32
Table 7: Petroleum products consumption in India, May 2024 and Year till Date (YTD) 2024 .................. 33
Table 8: Gas price, May 2024...................................................................................................................... 35
Table 9: Gas price, GCV Basis ...................................................................................................................... 35

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