Page 41 - FIPI - Policy & Economic Report May 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

? Brent crude price averaged $107.11 per bbl in May 2026, up by 6.9% on a month on month (MoM)
and by 68.2% on year on year (YoY) basis, respectively.

? WTI crude price averaged $100.87 per bbl in May 2026, up by 3.2% on a month on month (MoM) and
by 66.0% on year on year (YoY) basis, respectively.

? Dubai crude price averaged $102.42 per bbl in May 2026, down by 9.5% on a month on month (MoM)
and up by 63.0% on year on year (YoY) basis, respectively.

Table 4: Crude oil price in May, 2026

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 107.11
WTI 100.87 6.9% 68.2%
Dubai 102.42 3.2% 66.0%
Source: World Bank -9.5% 63.0%

Indian Basket Crude oil price

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

130.00
125.00
120.00
115.00
110.00
105.00
100.00

95.00
90.00
85.00
80.00
75.00

1-May-26
2-May-26
3-May-26
4-May-26
5-May-26
6-May-26
7-May-26
8-May-26
9-May-26
10-May-26
11-May-26
12-May-26
13-May-26
14-May-26
15-May-26
16-May-26
17-May-26
18-May-26
19-May-26
20-May-26
21-May-26
22-May-26

Source: PPAC

? Indian crude basket price averaged $109.39 per barrel in May 2026, down by 5.9% on Month on
Month (M-o-M) and up by 70.8% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

? Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is
forecast to grow by about 0.6 mb/d, y-o-y, in 2026. The main drivers of liquids production growth are
expected to be the US, Brazil, Canada, and Argentina.

May 2026 Page | 40