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ICICI Direct Report
Global crude oil prices have risen from February onwards in Q4 FY21 and reached pre-Covid levels.
Brent crude oil prices, on a closing basis, also jumped $11.2 Quarter on Quarter to $62.4/barrel of oil on account of extended output cuts by OPEC+.
Subsequently, even average crude oil prices sharply increased by $16.1/bbl to $60.7/bbl.
Hence, net realisations of upstream companies are expected to increase sharply QoQ.
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