Page 28 - Policy Economic Report - Feb 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 13: Indian crude oil basket price in $ per bbl

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Source - PPAC

• Indian crude basket price averaged $68.87 per barrel in February 2026, up by 9.2% on Month on
Month (M-o-M) and down by 10.9% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is
forecast to grow by about 0.6 mb/d to average 54.8 mb/d in 2026. The main drivers of liquids
production growth are expected to be the US, Brazil, Canada, and Argentina.

• In 2027, non-DoC liquids production is also forecast to grow by 0.6 mb/d to average 55.4 mb/d. The
main drivers for liquids supply growth are expected to be Brazil, Canada, Qatar, and Argentina. DoC
NGLs and non-conventional liquids are forecast to grow by 0.1 mb/d in 2026, to average about 8.8
mb/d. An additional growth of about 0.1 mb/d is expected in 2027, to average 8.9 mb/d. DoC crude
oil production in January decreased by 439 tb/d, m-o-m, averaging 42.45 mb/d, as reported by
available secondary sources.
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