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ICICI Direct Report
Average crude oil prices in Q4 FY23 declined 8% QoQ to $81.4/barrel of oil. The steep decline was mainly seen in the second half of March due to recessionary fears surrounding the banking sector in the U.S. and Europe.
On a closing basis, crude oil prices were at around $79.7/bbl, down 6% QoQ.
For Oil and Natural Gas Corporation Ltd., oil realisation net of windfall taxes would remain unchanged QoQ at ~$75/bbl and gas realisation would also stand unchanged QoQ at $8.57/metric million British thermal unit on a gross calorific value basis.
Similarly, the ceiling price for Reliance Industries ltd. HPHT gas remained unchanged at $12.46/mmbtu (GCV basis). Also, ONGC and RIL's volumes are expected to remain flattish QoQ.
We expect ~2% QoQ increase in operating profit for ONGC. For RIL's oil and gas segment, we expect operating profit to remain flat QoQ.
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