Page 3 - Policy Economic Report - Jan 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Global GDP growth, relative to October 2024 estimates, % points............................................... 5
Figure 2: Global Growth projections by region (Real GDP growth, % change)............................................. 6
Figure 3: World Economic Outlook Growth projections............................................................................... 7
Figure 4: Global trade growth- Annual growth rates of selected bilateral flows relative to the global
average in the period.................................................................................................................................... 8
Figure 5: Digitally deliverable services are a fast-growing segment of global trade .................................... 9
Figure 6: Share of youth not in employment, education, or training (NEET) by country income group (%)
.................................................................................................................................................................... 10
Figure 7: Energy transition investment reaches $2.3 trillion in 2025......................................................... 11
Figure 8: Trend in Tax receipts.................................................................................................................... 20
Figure 9: Key pillar of India-EU engagement .............................................................................................. 22
Figure 10: Cumulative Installed power Capacity mix (%) ........................................................................... 24
Figure 11: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 30
Figure 12: Indian crude oil basket price in $ per bbl................................................................................... 31
Figure 13: Refining Margins ($/bbl) ............................................................................................................ 34
Figure 14: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 34
Figure 15: Global natural gas price trends ($/mmbtu) ............................................................................... 38
Figure 16: Domestic natural gas price January’25–26 ($/mmbtu) ............................................................. 40
Figure 17: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 41
Figure 18: LNG imports (Qty in MMSCM) ................................................................................................... 42
Figure 19: Sectoral Consumption of Natural Gas (Qty in MMSCM) in December 2025............................. 42
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Table 1: Crude oil price in December, 2025................................................................................................ 30
Table 2: Non-DoC liquids production in 2026, mb/d .................................................................................. 32
Table 3: World Oil demand, mb/d .............................................................................................................. 33
Table 4: Singapore FOB, refined product prices ($/bbl) in December 2025............................................... 35
Table 5: Petroleum products consumption in India, December 2025 and Year till Date (YTD) ................. 36
Table 6: Gas price, December 2025 ............................................................................................................ 38
Table 7: Gas price, GCV Basis ...................................................................................................................... 39

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