“There will be an immediate impact on prices. However, as 10-12 million barrels per day of oil production is out of the supply chain, the shut facilities may not immediately restart. Some facilities have also been damaged, which will prolong normalization. For oil prices to reach the pre-war levels of around $70 per barrel, it would take considerable time,” Prashant Vashisht, senior vice president and co-group head, corporate ratings, ICRA Ltd said.
