Page 3 - Policy Economic Report - Feb 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Global GDP growth......................................................................................................................... 6
Figure 2: Contributions to global growth...................................................................................................... 7
Figure 3: Trade growth.................................................................................................................................. 7
Figure 4: Global CPI inflation projections ..................................................................................................... 8
Figure 5: Job openings that require new skills are associated with higher pay ........................................... 9
Figure 6: Global economy has shown resilience to tariff shocks................................................................ 10
Figure 7: U.S. IT investment at its all-time high .......................................................................................... 11
Figure 8: Annual GDP estimates along with Y-o-Y growth rates................................................................. 13
Figure 9: Sector-wise growth rates (%) of real GVA in FY 20224-25 and 2025-26 ..................................... 13
Figure 10: Total Trade during January 2026 .............................................................................................. 16
Figure 11: Total Trade during April-January 2025-26 ................................................................................ 16
Figure 12: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 26
Figure 13: Indian crude oil basket price in $ per bbl................................................................................... 27
Figure 14: Refining Margins ($/bbl) ............................................................................................................ 30
Figure 15: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 30
Figure 16: Global natural gas price trends ($/mmbtu) ............................................................................... 34
Figure 17: Domestic natural gas price January’25–26 ($/mmbtu) ............................................................. 36
Figure 18: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 37
Figure 19: LNG imports (Qty in MMSCM) ................................................................................................... 38
Figure 20: Sectoral Consumption of Natural Gas (Qty in MMSCM) in January 2026 ................................. 38
___________________________________________________________________________

Table 1: Trade during January 2026............................................................................................................ 15
Table 2: Crude oil price in February, 2026.................................................................................................. 26
Table 3: Non-DoC liquids production in 2026, mb/d .................................................................................. 28
Table 4: World Oil demand, mb/d .............................................................................................................. 29
Table 5: Singapore FOB, refined product prices ($/bbl) in January 2026 ................................................... 31
Table 6: Petroleum products consumption in India, January 2026 and Year till Date (YTD)...................... 32
Table 7: Gas price, January 2026 ................................................................................................................ 34
Table 8: Gas price, GCV Basis ...................................................................................................................... 35

February 2026 Page | 2