Executive briefing
Sanjaya · Wednesday, 29 July 2026
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Five numbers
Brent$87.11 / bbldelayed futures
WTI$84.25 / bbldelayed futures
USD / INR95.86delayed FX
Delhi petrol₹ 102.12 / Lretail reference
Delhi diesel₹ 95.20 / Lretail reference
Three talking points
- Brent 91.82 / WTI 84.25 (spread 7.57, wide). Brent up +5.55% on the week. USD/INR 95.86 — every ₹1 move in INR shifts ~0.6 /bbl in INR-denominated landed crude.
- US crude built 2.0 Mbbl last week — bearish near-term for WTI; Brent follows with a lag of 1-3 sessions. Total US stocks now 412 Mbbl (ex-SPR).
- Official monthly petroleum print for 2026-03: crude processed 23.5 MMT, POL output 25.1 MMT, crude imports 19.0 MMT.
One risk to watch
Physical disruption: Infrastructure disruption is the top oil and gas watch. Impact read: current coverage is scoring on physical disruption, geopolitics, infrastructure. Top source: Saudi Aramco Shuts 400,000-Bpd Refinery After Houthi Strike. Watch the effect on landed crude cost, freight, LNG cargo timing, and Indian pump-price absorption.
Official monthly petroleum print · 2026-03
- Indigenous crude2.3 MMT
- Crude processed23.5 MMT
- POL production25.1 MMT
- Crude imports19.0 MMT
Region split: middle east 46.5% · eurasia 34.9% · africa 7.1% · north america 6.6% · south america 4.5% · asia 0.3%
Handover pack
OMC quarterly fundamentals
PeriodRevenueNet marginProfit after tax
- IOC₹2,08,289 Cr6.94%₹14,458 Cr
- BPCL₹1,51,277 Cr-1.24%₹-1,873 Cr
- HPCL₹1,39,978 Cr-8.76%₹-12,265 Cr
- ONGC₹1,73,805 Cr6.23%₹10,820 Cr
- OIL₹9,293 Cr22.59%₹2,100 Cr
- GAIL₹35,577 Cr4.17%₹1,485 Cr
- RELIANCE₹3,09,468 Cr6.77%₹20,946 Cr
Quarter ending shown per ticker. Q-end dates may differ.
Recent moves
- 15 Feb 2026Hormuz tensions drive crude to USD 100+
- 15 Mar 2024First OMC-led price cut in 22 months
- 1 Jul 2022Windfall tax on crude producers