 "Crude oil")
Crude and gas supply concerns have eased amid reports that Israel and Hamas have struck a peace deal. The International Energy Agency estimates oil demand may drop slightly in calendar 24 but Opec probably has enough pricing power to maintain $80/ barrel Brent prices.
Russia’s share of India’s crude imports remained strong at about 35 per cent in September 2023. Discount on Russian crude to India narrowed to $3/bbl in September 2023 vs $6/bbl in August 2023.
This price point is still a reasonable spot for upstream players like ONGC and OIL. Both PSUs appear to have an upside, given
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