India Oil & Gas Q4 2018
Upstream performance will continue to diverge over the coming years, with firming production and new inflows ofcapital into gas counterbalanced by sharp underperformance in crude. Small field auctions will help offset natural decline rates, butthe prospects for major greenfield investments in oil are poor. The refining sector will continue to grow, feeding rising domesticdemand and competing for market share abroad. However, rising global oil prices will see profit margins for some refiners becomingsqueezed. We are bullish on the prospects for demand for both oil and gas and refined fuels consumption has staged a strongrebound in the YTD, in line with our forecast.
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