Crude Oil Production

Mohammed Imran of Mirae Asset Sharekhan said that oil market is entering a highly sensitive phase as geopolitical risks are weighed against the possibility of a breakthrough in the US-Iran crisis.

The subsurface engineering firm plans a five-member Bengaluru team and will focus on mature-field revitalisation, reservoir optimisation, EOR, IOR and carbon-storage projects

Oil price outlook: Escalating tanker strikes, Houthi pressure on Gulf infrastructure and Iranian tactical framing around the midterm calendar keep the floor firm.

WTI crude prices, which are unusually low versus Brent because of high US-Europe shipping costs, Goldman Sachs' analysts said, are likely to average $81 in December 2026 and $73 in 2027.

For the first time since the US-Iran war started in February 2026, S&P Global Energy does not project West Asian crude oil production to return to prewar levels by the end of 2027

Average crude oil prices will stay significantly higher than the previous forecast, as the recent turn of events would shrink global inventories.

Mirae Asset Sharekhan believes that the crude oil market balance is likely to remain in deficit through 2026.

Mirae Asset Sharekhan said that in the absence of any resolution between the US and Iran, each passing week would see floor prices increasing for global oil prices.

If negotiations continue to lose momentum, Brent could move towards $95-97 a barrel. However, any credible diplomatic breakthrough could quickly unwind part of the premium and trigger a sharp reversal

In a bid to simplify the structure, the government has also introduced a flat deduction formula for wellhead price calculations

Royalty on crude produced from onland nomination and pre-NELP blocks will again be calculated on a cum-royalty basis, reversing a key May 8 reform

ONGC has appointed BP Exploration Services India as technical service provider to enhance oil and gas production from Western Offshore fields through technology and operational improvements

The state-run upstream company is exploring overseas assets across multiple geographies while expanding domestic exploration and deepwater partnerships

The closure of Strait of Hormuz (SoH), analysts said, is the primary reason for this as oil supplies from this region remain curtailed.

In each of the past 12 years, there has been a drop in domestic crude production

US and allies have reportedly deployed A-10 jets and Apache helicopters to target Iranian boats, drones and missiles, but mines and hidden assets mean reopening Hormuz could still take weeks

The US will begin releasing the oil next week, although it could take around 120 days to deliver the full quantity

Israel and Iran exchanged fire early Wednesday as Tehran kept up its pressure on the region's oil industry, hitting a ship in the Strait of Hormuz and targeting infrastructure as concerns grew of a global energy crisis. Iran has effectively stopped shipping traffic through the narrow strait off its coast, through which about a fifth of the world's oil is shipped from the Persian Gulf toward the Indian Ocean. It has also been targeting oil fields and refineries in Gulf Arab nations as part of a strategy that appeared to be aimed at generating enough global economic pain to pressure the United States and Israel to end their strikes. Early Wednesday, Kuwait said its defences had downed eight Iranian drones over the oil-rich nation and Saudi Arabia said it had intercepted five drones heading toward the kingdom's vast Shaybah oil field. A projectile hit a container ship off the coast of the United Arab Emirates in the Strait of Hormuz. The United Nations Security Council was to vote la

Brent futures were ​trading down 23 cents, or 0.26 per cent ‌lower, at $87.57 ​a barrel ‌at 0023 GMT

Within days of the US-Israel attacks on Iran, crude oil prices have surged past $100 a barrel for the first time since the early fallout of Russia's invasion of Ukraine