Page 3 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Global growth developments (y-o-y % change)............................................................................ 5
Figure 2: Contributions to GDP growth........................................................................................................ 6
Figure 3: Contributions to Headline Inflation (y-o-y % change)................................................................... 7
Figure 4: Global economic growth and the PMI .......................................................................................... 9
Figure 5: Inflation in India .......................................................................................................................... 14
Figure 6: India PMI ..................................................................................................................................... 15
Figure 7: Overall Trade during October 2024 ............................................................................................ 16
Figure 8: Total Trade during April- October 2024...................................................................................... 17
Figure 9: Benchmark price of Brent, WTI and Dubai crude ........................................................................ 26
Figure 10: Indian crude oil basket price in $ per bbl................................................................................... 27
Figure 11: Refining Margins ($/bbl) ............................................................................................................ 30
Figure 12: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 30
Figure 13: Global natural gas price trends ($/mmbtu) ............................................................................... 34
Figure 14: Domestic natural gas price October’23–24 ($/mmbtu)............................................................. 35
Figure 15: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 36
Figure 16: LNG imports (Qty in MMSCM) ................................................................................................... 37
Figure 17: Sectoral Consumption of Natural Gas (Qty in MMSCM) in April-October 2024........................ 37
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Table 1: Trade during October 2024........................................................................................................... 16
Table 2: Crude oil price in November, 2024 ............................................................................................... 26
Table 3: Non-DoC liquids production in 2024, mb/d .................................................................................. 28
Table 4: World Oil demand, mb/d .............................................................................................................. 29
Table 5: Singapore FOB, refined product prices ($/bbl) in October 2024 .................................................. 31
Table 6: Petroleum products consumption in India, October 2024 and Year till Date (YTD) 2024 ............ 32
Table 7: Gas price, October 2024................................................................................................................ 34
Table 8: Gas price, GCV Basis ...................................................................................................................... 34

November 2024 Page | 2