Kotak raises oil price forecast, recommends ONGC over Oil India
after close1 source ↓written by the desknot a recommendation
- price assumption
- $90 per barrel
- $85
- fair value
- ₹355
- Oil India
- ₹360
- in September 2026
- 13 million barrels per day
Kotak Institutional Equities has upgraded its FY27 crude oil price assumption to $90 per barrel from $85. The brokerage maintains a BUY on ONGC with a fair value of ₹355 and a SELL on Oil India at ₹360. It cites ONGC's stronger production outlook and better valuations as key reasons for its preference.
The West Asia conflict has caused significant oil supply disruptions, yet global markets remain resilient. Crude flows through the Strait of Hormuz reached 13 million barrels per day in September 2026, indicating recovery in supply chains.
Not investment advice. For informational purposes only.