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ICICI Direct Report
Global crude oil prices continued to move upwards in Q1 FY22 and surpassed pre-Covid-19 level.
Brent crude oil prices on a closing basis jumped $14.7/barrel of oil QoQ to $75.1/bbl as Organization of the Petroleum Exporting Countries plus production remained below pre-Covid-19 level leading to a deficit of oil supply.
Subsequently, average crude oil prices increased by $7.9/bbl to $68.6/bbl.
Hence, net realisations of upstream companies are expected to increase QoQ as well as YoY.
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