Despite global volatility in energy markets, state-run explorer Oil and Natural Gas Corporation (ONGC) remains cautiously optimistic about the medium-term oil price outlook. According to a senior ONGC official, crude prices are expected to hover between $60–$65 per barrel over the next two to three years, driven by a fine balance between rising global demand, evolving supply dynamics, and the ongoing clean energy transition. Advertisement

“Oil prices are anticipated to remain volatile, but we foresee a stable average range of $60–$70 per barrel in the near to medium term,” the official said, adding that ONGC is strategically positioning itself to remain profitable and competitive in this price environment.

The company has witnessed a reversal in the downward trend of its standalone crud

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