New Delhi, June 16 -- Any further escalation in the Middle-East crisis or a sharp rise in crude prices could pose a serious risk to earnings, especially for Indian Oil Marketing Companies (OMCs) and gas companies.

However, Indian OMCs and gas companies are currently facing mixed impacts from the ongoing volatility in crude oil prices.

According to a report by ICICI Securities, even with crude currently trading at USD 73-74 per barrel, there is already a material impact on the earnings of oil marketing companies (OMCs), while upstream companies could see some upside.

The report stated, "We estimate a material impact on OMC earnings and upside risk to upstream earnings even with crude at USD 73-74/bbl as is the case now".

It also noted ...