Page 3 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

List of Figures & Tables

Figure 1: Real gross domestic product growth (quarter-on-quarter change) .............................................. 5
Figure 2: Consumer prices: All items and all items less food and energy; OECD, y-o-y inflation rate ......... 6
Figure 3: Consumer prices, G7 economies & OECD – All items, y-o-y inflation rate .................................... 7
Figure 4: J.P. Morgan Global Composite PMI Output & GDP ....................................................................... 7
Figure 5: Services PMI & Manufacturing PMI Output................................................................................... 8
Figure 6: Trade of environmental goods....................................................................................................... 9
Figure 7: Labor productivity and GDP per capita growth declined in the EU............................................. 11
Figure 8: AI impact on productivity is different among European countries ............................................. 12
Figure 9: Year on year inflation rate based on CPI...................................................................................... 15
Figure 10: All India inflation rates for CPI (General) and CFPI ................................................................... 15
Figure 11: Total Trade during October 2025.............................................................................................. 18
Figure 12: Total Trade during October 2025.............................................................................................. 18
Figure 13: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 26
Figure 14: Indian crude oil basket price in $ per bbl................................................................................... 27
Figure 15: Refining Margins ($/bbl) ............................................................................................................ 30
Figure 16: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 30
Figure 17: Global natural gas price trends ($/mmbtu) ............................................................................... 34
Figure 18: Domestic natural gas price October’24–25 ($/mmbtu)............................................................. 36
Figure 19: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 37
Figure 20: LNG imports (Qty in MMSCM) ................................................................................................... 37
Figure 21: Sectoral Consumption of Natural Gas (Qty in MMSCM) in September 2025............................ 38
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Table 1: Trade during October 2025........................................................................................................... 17
Table 2: Crude oil price in November, 2025 ............................................................................................... 26
Table 3: Non-DoC liquids production in 2025, mb/d .................................................................................. 28
Table 4: World Oil demand, mb/d .............................................................................................................. 29
Table 5: Singapore FOB, refined product prices ($/bbl) in October 2025 .................................................. 31
Table 6: Petroleum products consumption in India, October 2025 and Year till Date (YTD) ..................... 32
Table 7: Gas price, October 2025................................................................................................................ 34
Table 8: Gas price, GCV Basis ...................................................................................................................... 35

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