Page 28 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 10: Indian crude oil basket price in $ per bbl

84.00
82.00
80.00
78.00
76.00
74.00
72.00
70.00
68.00
66.00
64.00

Source- PPAC

• Indian crude basket price averaged $73.04 per barrel in November 2024, down by 3.2% on Month on
Month (M-o-M) and by 12.4% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC (Declaration of Coopration) liquids supply (i.e. liquids supply from countries not participating
in the DoC) is expected to grow by 1.2 mb/d, y-o-y, in 2024, unchanged from last month’s assessment.
The main growth drivers are expected to be the US and Canada. For 2025, the non-DoC liquids supply
growth forecast is expected to grow by 1.1 mb/d, y-o-y, also unchanged from last month. Growth is
anticipated to be mainly driven by the US, Brazil, Canada, and Norway.

• Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are
forecast to grow by about 0.1 mb/d, y-o-y, to average 8.3 mb/d in 2024, followed by an increase of
about 80 tb/d, y-o-y, to average 8.4 mb/d in 2025. Crude oil production by the countries participating
in the DoC increased by 0.21 mb/d in October compared with the previous month, averaging about
40.34 mb/d, as reported by available secondary sources.
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