Page 25 - Policy Economic Report - September 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Table 2: Crude oil price in September, 2025

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 67.36
WTI 63.52 0.5% -7.6%
Dubai 66.50 -1.0% -9.0%
Source - World Bank 0.5% -7.7%

Indian Basket Crude oil price

Figure 15: Indian crude oil basket price in $ per bbl

78
77
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72
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69
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63
62

1-Sep-25
2-Sep-25
3-Sep-25
4-Sep-25
5-Sep-25
6-Sep-25
7-Sep-25
8-Sep-25
9-Sep-25
10-Sep-25
11-Sep-25
12-Sep-25
13-Sep-25
14-Sep-25
15-Sep-25
16-Sep-25
17-Sep-25
18-Sep-25
19-Sep-25
20-Sep-25
21-Sep-25
22-Sep-25
23-Sep-25
24-Sep-25
25-Sep-25
26-Sep-25
27-Sep-25
28-Sep-25
29-Sep-25

Source - PPAC

• Indian crude basket price averaged $69.64 per barrel in September 2025, up by 0.8% on Month on
Month (M-o-M) and down by 5.5% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids production (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecasted to grow by about 0.8 mb/d, y-o-y, in 2025.

• The main growth drivers are expected to be the US, Brazil, Canada and Argentina. The non-DoC liquids
production growth forecast for 2026 is also unchanged at 0.6 mb/d, y-o-y, with Brazil, Canada, the US,
and Argentina as the main growth drivers. Natural gas liquids (NGLs) and non-conventional liquids
from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, averaging 8.7
mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.8 mb/d. Crude oil
production by countries participating in the DoC increased by 509 tb/d in August, m-o-m, to average
about 42.40 mb/d, according to available secondary sources.

September 2025 Page | 24