Oil equities exhibit varied responses to OPEC+ output reduction; HPCL and BPCL are down 4-5%

Oil equities exhibit varied responses to OPEC+ output reduction; HPCL and BPCL are down 4-5%.

Oil stockpiles are under the spotlight after many OPEC+ nations, headed by Saudi Arabia, pledged voluntary cutbacks from May 2023 through end-2023 of about 1.1mb/d.

[{"selector":"#anim-4eebd0f4-4df0-4620-8f6c-a3c05e226762 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-6.214285801606774%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The oil market is projected to grow tighter following the OPEC+ supply reduction paired with increased oil prices.

[{"selector":"#anim-f993353e-29b4-4102-a3e3-733b63585e0d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-6.214285801606774%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Indian OMCs are deemed likely to be under pressure.

[{"selector":"#anim-0ec9826f-5ea9-41f9-adc6-144c9b4f51b5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-6.214285801606774%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]