Page 28 - Policy & Economic Report - June 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 14: Indian crude oil basket price in $ per bbl

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Source- PPAC

• Indian crude basket price averaged $69.82 per barrel in June 2025, up by 9.0% on Month on Month
(M-o-M) and down by 15.4% 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) is forecast to grow by about 0.8 mb/d, y-o-y, in 2025.

• The main growth drivers are expected to be the US, Brazil, Canada, and Argentina. The non-DoC liquids
supply growth forecast for 2026 is revised slightly down to 0.7 mb/d, with US, Brazil, Canada, and
Argentina as the main growth drivers. Meanwhile, natural gas liquids (NGLs) and non-conventional
liquids from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025,
averaging 8.4 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.5
mb/d. Crude oil production by countries participating in the DoC increased by 180 tb/d in May, m-o-
m, to average about 41.23 mb/d, according to available secondary sources.
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