Page 3 - Policy Economic Report - September 2026
P. 3
POLICY AND ECONOMIC
OIL & GAS MARKET
List of Figures & Tables
Figure 1: Global growth has moderated amid a sharp deterioration in oil supply and demand ................. 9
Figure 2: Change in real GDP Growth (%) ................................................................................................... 11
Figure 3: Inflation has recently picked up again ......................................................................................... 13
Figure 4: Consumer price inflation, annual change (%) .............................................................................. 14
Figure 5: Services share of intermediate inputs for final demand by country group and sector, per cent,
2022 ............................................................................................................................................................ 15
Figure 6: Digitally deliverable services as a share of total services exports, by country group, per cent,
2010–2024 .................................................................................................................................................. 16
Figure 7: AI-related goods shipments continue to support global trade.................................................... 16
Figure 8: Trends in CPI (General) and Consumer Food Price Inflation (CFPI), July-August 2026............... 23
Figure 9: Inflation Rates Across Major CPI Groups (August 2026).............................................................. 24
Figure 10: Wholesale Price Index (WPI) and Inflation Rate for all commodities (Aug 2025 – Aug 2026) .. 25
Figure 11: Inflation across Major Commodity Groups (%).......................................................................... 26
Figure 12: Output PPI for All Commodities................................................................................................. 27
Figure 13: HSBC India Composite PMI Output Index and GDP Growth (2013–2026) ................................ 28
Figure 14: HSBC India Manufacturing PMI.................................................................................................. 29
Figure 15: Total Trade during August 2026 (estimated) ............................................................................ 31
Figure 16: Merchandise Trade during August 2026.................................................................................... 32
Figure 17: Index of Core Industries (ICI) and Year-on-Year Growth Rate (Aug 2025 – Aug 2026) (P) ....... 33
Figure 18: Sector-wise Growth Rate of Core Industries – July and August 2026 (P) ................................. 34
Figure 19: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 42
Figure 20: Indian crude oil basket price in $ per bbl................................................................................... 43
Figure 21: Refining Margins ($/bbl) ............................................................................................................ 46
Figure 22: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 46
Figure 23: Global natural gas price trends ($/mmbtu) ............................................................................... 50
Figure 24: Domestic natural gas price September’25–26 ($/mmbtu)........................................................ 51
Figure 25: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 52
Figure 26: LNG imports (Qty in MMSCM) ................................................................................................... 52
Figure 27: Sectoral Consumption of Natural Gas (Qty in MMSCM) in August 2026 .................................. 53
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Table 1: CPI & Consumer Food Price Inflation (CFPI) – Inflation Rates & Index Values (August & July 2026)
.................................................................................................................................................................... 23
Table 2: Trade during August 2026............................................................................................................. 31
Table 3: Crude oil price in September, 2026............................................................................................... 42
Table 4: Non-DoC liquids production in 2026, mb/d .................................................................................. 44
Table 5: World Oil demand, mb/d .............................................................................................................. 45
Table 6: Singapore FOB, refined product prices ($/bbl) in August 2026 .................................................... 47
Table 7: Petroleum products consumption in India, August 2026 and Year till Date (YTD) ....................... 48
Table 8: Gas price, August 2026.................................................................................................................. 50
September 2026 Page | 2
