Page 3 - FIPI - Policy Economic Report - May 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: GDP (quarter on quarter change in %)........................................................................................... 5
Figure 2: Inflation: All items and all items less than food & energy, OECD (%)............................................ 7
Figure 3: Global economic growth and the PMI ........................................................................................... 8
Figure 4: Electricity demand 2023; thousands of terawatt - hours ............................................................ 10
Figure 5: Global economic growth projections for 2025 ........................................................................... 12
Figure 6: Year on year inflation rate based on CPI (%) .............................................................................. 14
Figure 7: All India inflation rates for CPI (General) and CFPI ..................................................................... 14
Figure 8: Total Trade during April 2025 ..................................................................................................... 17
Figure 9: India’s total exports value (USD Billion)...................................................................................... 18
Figure 10: India’s service exports (USD Billion).......................................................................................... 19
Figure 11: India’s non-petroleum merchandise exports (USD Billion) ...................................................... 19
Figure 12: Top 5 economies in world by nominal GDP .............................................................................. 21
Figure 13: India’s nominal GDP (trillions USD) more than doubled in a decade ....................................... 21
Figure 14: India’s per capita GDP (USD) at current prices ......................................................................... 22
Figure 15: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 26
Figure 16: Indian crude oil basket price in $ per bbl................................................................................... 27
Figure 17: Refining Margins ($/bbl) ............................................................................................................ 29
Figure 18: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 30
Figure 19: Global natural gas price trends ($/mmbtu) ............................................................................... 33
Figure 20: Domestic natural gas price April’24–25 ($/mmbtu) .................................................................. 34
Figure 21: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 35
Figure 22: LNG imports (Qty in MMSCM) ................................................................................................... 36
Figure 23: Sectoral Consumption of Natural Gas (Qty in MMSCM) in April 2025 ...................................... 36
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Table 1: Trade during April 2025................................................................................................................. 17
Table 2: Crude oil price in May, 2025 ......................................................................................................... 26
Table 3: Non-DoC liquids production in 2025, mb/d .................................................................................. 28
Table 4: World Oil demand, mb/d .............................................................................................................. 29
Table 5: Singapore FOB, refined product prices ($/bbl) in April 2025........................................................ 30
Table 6: Petroleum products consumption in India, April 2025 ................................................................. 31
Table 7: Gas price, April 2025 ..................................................................................................................... 33
Table 8: Gas price, GCV Basis ...................................................................................................................... 33

May 2025 Page | 2