India Oil and Gas Sector Report Q2 FY2026

Brent crude prices averaged USD 69.0/bbl in Q2 FY2026, a 13.6% y/y decline but a modest 1.4% q/q uptick. The quarter was shaped by notable volatility. June and July stood out, with prices firming amid heightened geopolitical risk. Brent rose 10.8% y/y in June to USD 71.44/bbl following Israel's air strike on Iranian military and nuclear assets. As a ceasefire took hold, prices stabilised, consolidating at USD 71.04/bbl in July. However, this strength proved short-lived. Since July, Brent crude has remained under pressure, slipping 4.5% y/y in August and staying largely flat in September at USD 67.99/bbl. The softening reflects rising global inventories and the steady unwinding of OPEC+ voluntary production cuts. According to the IEA, global oil stocks surged by 2.6 mn bbl/day in September, reaching their highest level since July 2021, adding further downward pressure on prices. Beginning in April 2025, OPEC+ started adding barrels back into the market, initially 138,000 bbl/day, followed by larger monthly increases of 411,000 bbl/day through May-July and 548,000 bbl/day in August-September. The softness extended into Q3, with Brent falling 5.1% y/y in October and easing by USD 1.1 y/y in November, settling at USD 63.8/bbl. OPEC+ has moderated its addition of barrels to the market to 137,000 bbl/day for October to December. Recognising the risk of oversupply during seasonal demand lows, the group has paused further hikes for the first three months of 2026. The supply overhang has been reinforced by swelling inventories.

This report provides a complete and detailed analysis of the "Oil exploration and production" sector for India. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Oil exploration and production" sector in India
• Crystallise the forces both driving and restraining this sector in India
• Ascertain India’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in India.
• Build a clear picture of trends, output and consumption for specific sub-sectors