Executive briefing
Sanjaya · Sunday, 14 June 2026
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Five numbers
Brent$87.33 / bbldelayed futures
WTI$91.58 / bbldelayed futures
USD / INR95.11delayed FX
Delhi petrol₹ 102.12 / Lretail reference
Delhi diesel₹ 95.20 / Lretail reference
Three talking points
- Brent 92.84 / WTI 91.58 (spread 1.26, tight). Brent down +6.20% on the week. USD/INR 95.11 — every ₹1 move in INR shifts ~0.6 /bbl in INR-denominated landed crude.
- US crude drew 7.2 Mbbl last week — bullish near-term for WTI; watch the next two EIA prints for confirmation. Total US stocks now 426 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
Price shock: Shipping and supply-route risk is the top oil and gas watch. Impact read: current coverage is scoring on supply route, price tape. Top source: U.S. Military Helping Move 7 Million Bpd Out of Persian Gulf, Wright Says. 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₹1,18,701 Cr4.74%₹5,625 Cr
- HPCL₹1,14,408 Cr5.30%₹6,065 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₹2,94,059 Cr5.77%₹16,971 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