ONGC and Oil India remain tactical investment ideas if crude prices stay elevated, said Probal Sen, Energy Analyst at ICICI Securities. He noted that even realisations of $75–$80 per barrel would be positive for upstream companies. However, if oil sustains above $100 per barrel for a prolonged period, the probability of government intervention could increase. Sen added that authorities may explore measures to limit gains for producers to ease pressure on consumers.
