With high crude rates, ONGC profit may surge this fiscal year: Official

According to a Moody's report, prices will settle to around $50-$70 a barrel by 2020, but they would witness volatility

At a time when international crude oil prices dropped by over 30 per cent in the last two months, a top executive of state-run Oil and Natural Gas Corporation (ONGC) said on Wednesday that a drop in oil rates is not a concern for the company as average crude oil prices for the current financial year would still remain over $65 a barrel. 

This would ensure an increase in profit for the company during the financial year.

On Wednesday, the prices of Brent crude was seen at $56.6 a barrel, dipping sharply from the over $80 a barrel mark during the first