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The share of India's state companies in oil and gas production from overseas fields increased to 19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous year. Production at Russia's Skahalin-1 project normalised during the financial year, after being badly affected in 2022 following the launch of the Russia-Ukraine war.
The share of India's state companies in oil and gas production from overseas fields increased to 19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous year. Production at Russia's Skahalin-1 project normalised during the financial year, after being badly affected in 2022 following the launch of the Russia-Ukraine war.
On Saturday, Iran launched several drones and missiles towards Israel in retaliation for an alleged Israeli air strike on its consulate in Syria, resulting in the killing of three top Iranian generals.
Jefferies said the rerating in shares of public sector undertakings (PSUs) - the top performers in the past three months - has more legs citing cheaper valuations compared to the Nifty and the government's focus on 'value maximisation' for these companies. SBI, Coal India, and NTPC are its top picks among state-owned companies.
In 2023, the oil and gas sector faced volatility in international crude oil prices due to geopolitical tensions, supply cuts, and demand concerns. Crude prices fell from $80 per barrel due to subdued demand, then rose to $90 with OPEC+ supply cuts and Middle-East tensions, but ended the year below $80 due to oil oversupply.