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- CoverFIPI Federation of Indian Petroleum Industry
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- Page 8FIPI POLICY AND ECONOMIC OIL & GAS MARKET and options. Speculators were increasingly betting on easing geopolitical risk premiums. At the same time, they sharply raised short positions to their highest level since December 2025, fuelling volatility and accelerating the decline in oil futures prices. Combined futures and options net long positions in ICE Brent and NYMEX WTI dropped to their lowest level since January 2026.
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- Page 16FIPI POLICY AND ECONOMIC OIL & GAS MARKET growth path despite recent geopolitical disruptions. Emerging market economies generally outperformed advanced economies, with India recording the strongest expansion among all economies covered by the survey, followed by Ireland, China and Japan, reflecting the continued resilience of domestic demand in several Asian economies.
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- Page 21FIPI POLICY AND ECONOMIC OIL & GAS MARKET per cent in FY 2026-27, compared with 7.7 per cent in FY 2025-26, before improving modestly to 6.8 per cent in FY 2027-28. While the projected slowdown reflects a more challenging global environment, India's growth outlook continues to compare favourably with that of other major economies, supported by resilient domestic demand, sound macroeconomic fundamentals and continued policy support.
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- POLICY AND ECONOMIC OIL & GAS MARKETFIPI Figure 14: HSBC India Manufacturing PMI sa, >50 growth since previous month
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- POLICY AND ECONOMIC OIL & GAS MARKETFIPI Figure 15: Total Trade during June 2026
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- Page 34FIPI POLICY AND ECONOMIC OIL & GAS MARKET kilometres of previously restricted offshore areas have significantly expanded exploration opportunities. These reforms, complemented by investments in geoscientific surveys and the National Data Repository, are expected to improve exploration success rates and attract greater investment into frontier basins.
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- POLICY AND ECONOMIC OIL & GAS MARKETFIPI Indian Basket Crude oil price
- POLICY AND ECONOMIC OIL & GAS MARKETFIPI Table 4: Non-Doc liquids production in 2026, mb/d
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- POLICY AND ECONOMICFIPI OIL & GAS MARKET
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- Page 47FIPI POLICY AND ECONOMIC OIL & GAS MARKET was further revised for the period 1st April, 2025 30th September, 2025 was notified as US$10.04/MMBTU on Gross Calorific Value (GCV) basis. Prices were further revised for the period 1st October, 2025 - 31st March, 2026 was notified as US$9.72/MMBTU on Gross Calorific Value (GCV) basis as per notification dated 30th September 2025. As per notification dated 31st March 2026, gas prices were further revised for the period 1st April 2026-30th September 2026 and was notified as US$ 8.90/MMBTU on Gross Calorific Value (GCV) basis.
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- POLICY AND ECONOMIC OIL & GAS MARKETFIPI Solar street lighting and provision of lighting in Rs. 1 lakh per MPC MPCs of PVTG areas (under PM JANMAN
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- Page 73FIPI POLICY AND ECONOMIC OIL & GAS MARKET success of efforts to ramp up assured domestic supply and reduce reliance on the blending mandate.
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- Page 75FIPI POLICY AND ECONOMIC OIL & GAS MARKET bring together governments, industry, investors, technology leaders, researchers, startups and academia to strengthen partnerships, promote innovation and shape the future of sustainable and technology-driven mining. Highlighting the transformative reforms undertaken over the past decade under the leadership of Prime Minister Shri Narendra Modi, he noted that transparent auctions, commercial coal mining, accelerated exploration, ease of doing business and technology-led governance have positioned India among the world's most attractive mining destinations. Referring to emerging global challenges related to energy security, critical minerals and resilient supply chains, he said India is pursuing an integrated approach that combines policy reforms, technological advancement, value addition, sustainability and international collaboration to build a future-ready mining ecosystem. The Minister expressed confidence that the event would strengthen global partnerships, showcase India's mineral potential and technological capabilities, and contribute to realizing the vision of Aatmanirbhar and Viksit Bharat. He urged all technology innovators, researchers, industries and other stakeholders to be part of the India Mining Week 2026.
- Page 76FIPI POLICY AND ECONOMIC OIL & GAS MARKET policy reforms and accelerated exploration. Announcing the forthcoming launch of the 8th round of Critical and Strategic Mineral Blocks auctions, he said the initiative will further strengthen domestic availability of critical minerals, encourage greater private sector participation, attract investment and reinforce India's resilient mineral value chains. He noted that India Mining Week 2026 will serve as a global platform to showcase India's mining reforms, resource potential and emerging opportunities while fostering international collaboration, innovation and investment in the sector.
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FIPI
POLICY AND ECONOMIC OIL & GAS MARKET
Natural Gas production contracted by 7.4%
。 Refinery Products declined by 4.7%
。 Crude Oil production fell by 4.2%
Declining domestic production increases dependence on imported crude oil and LNG, exposing the economy to greater external risks. It also places additional emphasis on accelerating exploration under the Open Acreage Licensing Programme (OALP), enhancing recovery from mature fields through Enhanced Oil Recovery (EOR) technologies, and promoting unconventional resources such as coal bed methane, shale gas, and deepwater hydrocarbons.
Import surge & trade deficit pressure:
India's total imports increased by 26.85% to US$88.76 billion during June 2026, primarily driven by higher imports of petroleum products, crude oil, natural gas, and industrial raw materials. The value of petroleum and crude oil imports increased significantly from US$9.9 billion in June 2025 to US$14.7 billion in June 2026, reflecting the combined impact of elevated international crude oil prices and import requirements. Higher energy import bills widen the merchandise trade deficit and increase the country's exposure to global commodity price volatility and external supply shocks.
. Strong foreign exchange reserves provide a strategic cushion:
India's foreign exchange reserves standing at a comfortable US$ 676.24 billion as of July 18, 2026 (with Foreign Currency Assets at US$ 574.76 billion) provide a vital buffer. This robust reserve position ensures the necessary liquidity to finance critical energy imports and cushions the economy against sudden external shocks stemming from elevated crude oil prices and geopolitical tensions. It provides confidence to global investors and credit rating agencies during periods of external volatility. Strong reserves effectively enhance India's resilience against external shocks, particularly during periods of geopolitical conflict or commodity market volatility.
July 2026