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ICICI Securities Report
Top long-term trends in oil, gas and petrochemical sector -
1. Brent price over $60/barrel of oil as OPEC+ caps supply until demand recovers;
2. vaccine-driven demand recovery and refinery closures to boost global refinery utilisation and revive gross refining margin from multi-decade lows;
3. auto fuel net marketing margins to be Rs 22.5/litre in the medium term;
4. large capacity additions in China and its petrochemical product imports shrinking to cap margins;
5. increase in liquefied natural gas import capacity to cause overcapacity in Gujarat.
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