Overview

• Puri held a review with leaders of Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum and confirmed ample stocks of petrol, diesel, jet fuel and LPG
• Benchmark Brent crude jumped over 10% to $78 per barrel following Israel’s airstrike on Iran before easing to around $75
• More than 85% of India’s crude oil is imported, with Russia as its top supplier and Qatar providing the bulk of its natural gas
• Strategic petroleum reserves exceed 5 million metric tonnes across Pudur, Visakhapatnam and Mangaluru while a new facility at Chandikhol is under construction
• Emkay Global analysts expect OPEC+ production hikes to balance markets and project India’s consumer inflation will stay below 3.7%