Upstream companies Oil & Natural Gas Commission (ONGC) and Oil India are expected to ride on a multi-year upcycle with oil prices remaining elevated at levels between $80 and $100 per BBL for much of CY24, Motilal Oswal said in a note as it picked these stocks as its preferred buys in the energy space.
A resilient demand growth amid sufficient new supply will keep the crude oil prices firm, the Motilal Oswal report said while conceding supply delays are not ruled out.
