Still, with Brent crude oil prices down 12% from their highs in the June quarter (Q1FY27), OMCs—Indian Oil Corp. Ltd (IOC), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL)—are expected to post strong Q2 results. Also, the International Energy Agency has projected a surplus in oil supplies in CY27, improving the medium-term outlook for OMCs.
