<ul><li>Citi expects oil prices to remain in the $60–70 per barrel range over the next 12–18 months, favoring India macroeconomically and sectorally.</li><li>Citi maintains a 'buy' rating on all three major OMCs after a challenging financial year in 2025, foreseeing significant improvement ahead.</li><li>While crude prices have declined due to trade conflicts and OPEC+ strategy changes, strong marketing margins from petrol and diesel can offset any LPG under-recoveries if crude stays below $70–75.</li><li>Refining margins have improved, leading to transparent earnings and attractive dividend yields, but the upstream side may face pressure due to lower oil prices impacting realisations.</li></ul>

Oil Firms Well-Positioned For Upside With Crude Expected To Be Between $60-70, Says Citi

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