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Kotak lifts FY27 crude oil price view to $90 a barrel

Kotak said crude flows through the Strait of Hormuz improved to about 13 million barrels per day in September 2026, the highest since the conflict began.

Reported · Written up by our desk · Asia

Kotak Institutional Equities raised its FY27 crude oil price assumption to $90 per barrel from $85, while keeping its FY28 and long-term assumptions at $75 per barrel.

The brokerage maintained a BUY rating on ONGC with a fair value of ₹355 and a SELL rating on Oil India with a fair value of ₹360.

Kotak said it prefers ONGC over Oil India due to a stronger medium term production outlook, better realisations, rising contribution from new fields, and relatively inexpensive valuations.

Kotak noted the West Asia conflict has caused one of the largest oil supply disruptions in recent history, with the disruption persisting for seven months, but it also said global oil markets have remained resilient and largely well managed, with Strait of Hormuz crude flows reaching around 13 million barrels per day in September 2026.

Latest closeWTI crude $90.46 ▲1.2%

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