Page 9 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 5: Services PMI & Manufacturing PMI Output

Source-: J.P. Morgan, S&P Global

The strongest rate of increase in economic activity was seen in the financial services category, despite
this being one of the few sectors to see growth decelerate. The only other industry to register a slower
rate of expansion was consumer goods, which was also the weakest performer overall. Growth
accelerated in the US, the euro area, Japan, and the UK, but eased in China, India, and Australia. Russia
and Canada both saw output return to growth following recent downturns.

2. Global Trade Update (November 2025): Trade – a catalyst for achieving the Paris
Agreement- UNCTAD

Trade policy is a strategic driver of climate action. By lowering costs and expanding access to clean
technologies, it can accelerate the global transition to low-carbon economies while also boosting exports.

• Trade in solar and wind technologies and their components is growing faster than other industrial
goods.

• In 2021, exports of environmentally preferable goods such as biodiversity-based products reached
$3.7 trillion.

• In 2023, non-plastic substitutes exports hit $485 billion. In 2024, exports of other environmental
goods reached $2 trillion.

• Increasing and diversifying exports in low carbon industries can generate the revenues needed to
fund the climate transition and meet Nationally Determined Contributions (NDCs) under the Paris
Agreement.

Supporting climate adaptation through cooling solutions

Trade can play a key role in mitigating heatwave impacts by increasing access to heat management goods
like thermostats and insulating glass units.

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