Page 32 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 20: 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 $75.48 per barrel in October 2024, up by 2.4% on Month on Month
(M-o-M) and down by 16.3% 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 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, Canada, Brazil and China. The non-DoC liquids supply growth forecast for
2025 is also unchanged at 1.1 mb/d, y-o-y. 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 is
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 70 tb/d, y-o-y, to reach 8.4 mb/d in 2025. Crude oil production by the countries participating in
the DoC decreased by 0.56 mb/d in September compared with the previous month, averaging about
40.10 mb/d, as reported by available secondary sources.
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