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Oil, Gas Check— Crude Oil Falls Below $71/bbl, OMCs, CGDs Can Benefit, Negative For Upstream: ICICI Securities
OPEC’s (plus Russia) latest guidance pegs production to reach 32.3mb/d by Sep’26, from the Apri’25 target of 30.5, adding to the over-supply in the market over the next 12–18 months.
06 Mar 2025, 10:32 AM IST 
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OPEC’s decision to bring so many additional barrels to the market just adds to supply comfort over the next 12–18 months.
(Photo source: ONGC/X)
A combination of demand worries, rising production from non-OPEC countries and impact being seen of geopolitical events (hope of some compromise in Russia-Ukraine, Israel Hamas Ceasefire) have already been keeping a tight lid on crude prices in recent months.
