Page 28 - Policy Economic Report - September 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Indian Basket Crude oil price

Figure 13: Indian crude oil basket price in $ per bbl

84
82
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76
74
72
70
68
66
64

Source- PPAC

• Indian crude basket price averaged $73.72 per barrel in September 2024, down by 5.8% on Month on
Month (M-o-M) and by 20.2% 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) is expected to grow by 1.2 mb/d in 2024, unchanged from last month’s assessment. The
main growth drivers are expected to be the US, Canada, and Brazil. The non-DoC liquids supply growth
forecast for 2025 is also unchanged at 1.1 mb/d. The growth is anticipated to be mainly driven by the
US, Brazil, Canada, and Norway.

• Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC is
forecast to grow by about 0.1 mb/d to average 8.3 mb/d in 2024, followed by an increase of about 60
tb/d to reach 8.4 mb/d in 2025. Crude oil production by the countries participating in the DoC
decreased by 304 tb/d in August compared with the previous month, averaging about 40.66 mb/d, as
reported by available secondary sources.
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