Page 3 - Policy Economic Report - September 2025
P. 3
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
List of Figures & Tables
Figure 1: Global Growth in Q1 2025-26 (%).................................................................................................. 5
Figure 2: Real GDP growth projections for 2024,2025,2026 ........................................................................ 6
Figure 3: Headline inflation........................................................................................................................... 7
Figure 4: Global Trade volumes .................................................................................................................... 7
Figure 5: Trade Policy shifts global uncertainties ......................................................................................... 9
Figure 6: Quarterly Real GDP estimates (in Rs. Lakh crores) and y-o-y growth rates (%) .......................... 11
Figure 7: Sectoral Composition and Growth Rates of Quarterly GVA ........................................................ 11
Figure 8: All India inflation rates for CPI (General) and CFPI ..................................................................... 12
Figure 9: Top five major states with high Year on Year inflation for the month of July, 2025 .................. 13
Figure 10: India PMI Index ......................................................................................................................... 14
Figure 11: Total Trade during August 2025................................................................................................ 15
Figure 12: Total Trade during April- August 2025...................................................................................... 16
Figure 13: GDP growth projection (y-o-y) in % .......................................................................................... 18
Figure 14: Benchmark price of Brent, WTI and Dubai crude ...................................................................... 23
Figure 15: Indian crude oil basket price in $ per bbl................................................................................... 24
Figure 16: Refining Margins ($/bbl) ............................................................................................................ 27
Figure 17: Singapore crack Spreads vs. Dubai ($/bbl) ................................................................................ 27
Figure 18: Global natural gas price trends ($/mmbtu) ............................................................................... 31
Figure 19: Domestic natural gas price September’24–25 ($/mmbtu)........................................................ 32
Figure 20: Domestic natural gas Gross production (Qty in MMSCM) ........................................................ 33
Figure 21: LNG imports (Qty in MMSCM) ................................................................................................... 34
Figure 22: Sectoral Consumption of Natural Gas (Qty in MMSCM) in August 2025 .................................. 34
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Table 1: Trade during July 2025. ................................................................................................................. 15
Table 2: Crude oil price in September, 2025............................................................................................... 24
Table 3: Non-DoC liquids production in 2025, mb/d .................................................................................. 25
Table 4: World Oil demand, mb/d .............................................................................................................. 26
Table 5: Singapore FOB, refined product prices ($/bbl) in August 2025 .................................................... 28
Table 6: Petroleum products consumption in India, August 2025 and Year till Date (YTD) ....................... 29
Table 7: Gas price, August 2025.................................................................................................................. 31
Table 8: Gas price, GCV Basis ...................................................................................................................... 31
September 2025 Page | 2
