Indian oil shares swing as Venezuela crisis raises fears of crude supply shocks

As oil prices drop, OMCs’ margins should benefit, too. For now, they are expected to post strong Ebitda growth of up to 73% year-on-year in the December quarter (Q3FY26) because of lower oil prices, according to various brokerages. In contrast, ONGC’s Ebitda is projected to decline by up to 14%, weighed down by lower realization.