Page 3 - Policy Economic Report - July 2025
P. 3
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
List of Figures & Tables
Figure 1: Global Growth (%).......................................................................................................................... 6
Figure 2: Contributions to Global Growth downgrades in 2025 & 2026 (%) ................................................ 7
Figure 3: Global CPI inflation projections ..................................................................................................... 8
Figure 4: Global trade growth (%)................................................................................................................. 9
Figure 5: Global trade growth (%)............................................................................................................... 10
Figure 6: Global economic projections for 2025......................................................................................... 12
Figure 7: Year on year inflation rate based on CPI (%) .............................................................................. 13
Figure 8: All India inflation rates for CPI (General) and CFPI ..................................................................... 14
Figure 9: Top five major states with high Year on Year inflation for the month of June, 2025................. 15
Figure 10: India PMI Output Index............................................................................................................. 16
Figure 11: Total Trade during June 2025 ................................................................................................... 17
Figure 12: Total Trade during April- June 2025.......................................................................................... 18
Figure 13: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 24
Figure 14: Indian crude oil basket price in $ per bbl................................................................................... 25
Figure 15: Refining Margins ($/bbl) ............................................................................................................ 28
Figure 16: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 28
Figure 17: Global natural gas price trends ($/mmbtu) ............................................................................... 32
Figure 18: Domestic natural gas price July’24–25 ($/mmbtu).................................................................... 34
Figure 19: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 35
Figure 20: LNG imports (Qty in MMSCM) ................................................................................................... 35
Figure 21: Sectoral Consumption of Natural Gas (Qty in MMSCM) in June 2025 ...................................... 36
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Table 1: Trade during June 2025................................................................................................................. 17
Table 2: Crude oil price in July, 2025 .......................................................................................................... 25
Table 3: Non-DoC liquids production in 2025, mb/d .................................................................................. 26
Table 4: World Oil demand, mb/d .............................................................................................................. 27
Table 5: Singapore FOB, refined product prices ($/bbl) in June 2025 ........................................................ 29
Table 6: Petroleum products consumption in India, June 2025 and Year till Date (YTD)........................... 30
Table 7: Gas price, June 2025 ..................................................................................................................... 32
Table 8: Gas price, GCV Basis ...................................................................................................................... 33
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