ONGC and Oil India Stocks Plunge Amid Falling Crude Prices

BUSINESS

By Aniket Chakraborty Apr 12, 2025 Arrow

Brent crude dropped nearly 4% to $63.21 a barrel, marking its lowest point since 2021.

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West Texas Intermediate (WTI) also saw a significant drop, falling to $59.79, breaching the $60 mark for the first time in four years.

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The decline was triggered by Saudi Arabia’s aggressive pricing strategy and growing concerns over weak global demand.

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At the bourses, ONGC shares tanked 9.3%, while Oil India dropped 9.15%, with ONGC now down over 10% year-to-date.

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As upstream oil companies, ONGC and Oil India rely on strong crude prices to maintain profit margins.

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Falling crude prices put pressure on the topline and earnings of these oil giants, with refined product prices not declining as quickly.

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Saudi Arabia slashed its May Arab Light crude prices to Asia by $2.3 per barrel, sparking fears of a supply glut.

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U.S. tariffs on imports and escalating trade tensions have led to recession fears, further denting global oil demand.

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Experts warn that unless crude stabilizes above $70, ONGC and Oil India may continue to face market pressure and volatility.

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