Analysts see pressure on RIL, OMC's profitability amid firm oil prices

Their expectation is based on the recent action in October by the OPEC of cutting production by 2 million barrels per day. This suggests that the OPEC is looking to defend price, they said

Reliance Industries (RIL) and oil marketing companies – Hindustan Oil Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – could see their profitability come under pressure in calendar year 2023 (CY23), said analysts at Jefferies in a note, who expect the crude oil prices to remain elevated during the next year.

Their expectation is based on the recent action in October by the Organization of the Petroleum Exporting Countries (OPEC) of cutting production by 2 million barrels per day (mb/d). The decision, they