Page 26 - Policy Economic Report - July 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Table 2: Crude oil price in July, 2025

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 69.15
WTI 67.09 -1.4% -17.7%
Dubai 68.30 -1.9% -17.0%
Source- World Bank -1.6% -17.9%

Indian Basket Crude oil price

Figure 14: Indian crude oil basket price in $ per bbl

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July 2025 Source- PPAC

• Indian crude basket price averaged $70.95 per barrel in July 2025, up by 1.1% on Month on Month
(M-o-M) and down by 15.9% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

• Non-DoC liquids production (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecast to grow by about 0.8 mb/d, y-o-y, in 2025.

• The main growth drivers are expected to be the US, Brazil, Canada, and Argentina. The non-DoC liquids
production growth forecast for 2026 is also unchanged at 0.7 mb/d, with the US, Brazil, Canada, and
Argentina as the main growth drivers. Meanwhile, 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 2025,
averaging 8.6 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.8
mb/d. Crude oil production by countries participating in the DoC increased by 349 tb/d in June, m-o-
m, to average about 41.56 mb/d.

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