Page 28 - FIPI - Policy Economic Report - May 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 16: Indian crude oil basket price in $ per bbl

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Source- PPAC

? Indian crude basket price averaged $64.05 per barrel in May 2025, down by 5.8% on Month on
Month (M-o-M) and by 23.5% 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 in 2026 is also revised down by about 0.1 mb/d to reach 0.8 mb/d,
with the US, Brazil, Canada, and Argentina as the key 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, 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 countries participating in the DoC decreased by
106 tb/d in April, m-o-m, averaging about 40.92 mb/d, as reported by available secondary sources.
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