Page 29 - Policy Economic Report - October 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 15: Indian crude oil basket price in $ per bbl

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Source - PPAC

? Indian crude basket price averaged $64.98 per barrel in October 2025, down by 6.7% on Month on
Month (M-o-M) and by 13.9% on a year on year (Y-o-Y) basis, respectively.

Oil production situation

? Non-DoC liquids production (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is forecast to grow by about 0.8 mb/d, y-o-y, in 2025.

? The main growth drivers are expected to be the US, Brazil, Canada, and Argentina. The non-DoC
liquids production growth forecast for 2026 remains at 0.6 mb/d, y-o-y, with Brazil, Canada, the US,
and Argentina once again as the main growth drivers. 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 8.6 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to
average 8.8 mb/d. Crude oil production by countries participating in the DoC increased by 630 tb/d
in September, m-o-m, to average about 43.05 mb/d, according to available secondary sources.
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