At current crude oil levels, correction could turn ONGC attractive

The US EIA forecasts Brent crude prices to average $74 per barrel in CY25, down 8 per cent Y-o-Y and to decline to $66 per barrel in CY26

Oil stocks have dropped around the world after Opec Plus said it was raising production. Demand for crude and gas is being negatively impacted by fears that the Trump tariff policy will reduce growth. Hence traders are seeing a situation where supply could increase when demand is reducing.

 

The US EIA forecasts Brent crude prices to average $74 per barrel in calendar year 2025 (CY25), down 8 per cent year-on-year (Y-o-Y) and to decline to $66 per barrel in CY26. Global oil production will rise faster than oil demand through this period. Global inventories will increase by an average of