Page 32 - Policy Economic Report - Jan 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 12: Indian crude oil basket price in $ per bbl

78
77
76
75
74
73
72
71
70
69
68
67
66
65
64
63
62
61
60
59
58

Source - PPAC

• Indian crude basket price averaged $63.08 per barrel in January 2026, up by 1.4% on Month on Month
(M-o-M) and down by 21.2% 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 Declaration
of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026.

• The main growth drivers for 2026 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, mainly driven by Brazil, Canada,
Qatar, and Argentina. 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 2026, to average about 8.8 mb/d,
followed by a similar increase in 2027 of about 0.1 mb/d, y-o-y, to average about 8.9 mb/d. Crude oil
production by countries participating in the DoC decreased by 238 tb/d in December, m-o-m, to
average about 42.83 mb/d.
1-Jan-26
2-Jan-26
3-Jan-26
4-Jan-26
5-Jan-26
6-Jan-26
7-Jan-26
8-Jan-26
9-Jan-26
10-Jan-26
11-Jan-26
12-Jan-26
13-Jan-26
14-Jan-26
15-Jan-26
16-Jan-26
17-Jan-26
18-Jan-26
19-Jan-26
20-Jan-26
21-Jan-26
22-Jan-26
23-Jan-26
24-Jan-26
25-Jan-26
26-Jan-26
27-Jan-26
28-Jan-26
29-Jan-26
30-Jan-26

January 2026 Page | 31