Crude oil prices to stay at moderate levels while that of natural gas to remain muted in near term: ICRA

These are the results of a study commissioned by Petroleum Federation of India and carried out by ICRA on a comprehensive analysis of the impact of the meltdown of the global oil prices on the Indian Oil and Gas industry.

Crude oil prices to stay at moderate levels while that of natural gas to remain muted in near term: ICRA

Global crude oil prices have declined by ~60% from US$ 112/bbl (Brent) in June 2014 to US$ ~45-50/bbl now (as in May 2016 end) primarily due to the significant increase in supply due to the shale oil boom in the US, demand slowdown in Europe, Japan and China and, the decision of Saudi Arabia to protect market share rather than act as a swing producer of oil.