Indian Oil Stocks Surge as OPEC+ Output Hike Cools Crude Prices

Shares of India's major oil marketing companies (OMCs) experienced a significant surge for the third consecutive trading session, fueled by a decline in global crude oil prices. This positive trend follows the recent decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to incrementally increase oil production. Leading the charge,

um Corporation Ltd ( HPCL ) saw its stock price soar by 6.12 percent, reaching an intraday high of Rs 334.5 on the National Stock Exchange (NSE). This remarkable rise marks a cumulative gain of 13.22 percent over the past three trading days. Bharat Petroleum Corporation Ltd (BPCL) also witnessed a robust performance, with its shares climbing 2.59 percent to Rs 256.41. This upward trajectory extends BPCL's three-day rally to nearly 8 percent. Oil Corporation Ltd (IOC) mirrored the trend, with its stock price rising 3.35 percent to an intraday high of Rs 122 per share on the NSE. The company's shares have collectively gained 7 percent over the last three sessions. The primary catalyst for this positive movement is the OPEC+ alliance's decision to proceed with a planned output increase of 138,000 barrels per day. This marks the first production hike since 2022. The additional supply from OPEC+ has exerted downward pressure on global crude oil prices, a development that is highly advantageous for Indian fuel retailers.