Page 36 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 17: Indian crude oil basket price in $ per bbl

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Source- PPAC

? Indian crude basket price averaged $72.47 per barrel in Mach 2025, down by 6.3% on Month on
Month (M-o-M) and by 13.8% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

? Non-DoC liquids supply (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) in 2025 is forecast to grow by 1.0 mb/d, y-o-y, unchanged from last month’s
assessment.

? The main growth drivers are expected to be the US, Brazil, Canada, and Norway. Non-DoC liquids
supply growth in 2026 also remains unchanged at 1.0 mb/d, mainly driven by the US, Brazil and
Canada. 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, to average 8.4 mb/d,
followed by an increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.5 mb/d. Crude oil production
by the countries participating in the DoC increased by 363 tb/d in February, m-o-m, averaging about
41.01 mb/d, as reported by available secondary sources.
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