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Mumbai: With global oil prices plummeting, oil marketing companies caught the attention of investors in today’s trade.

Oversupply has caused crude oil prices to plunge to their lowest level in 50 months. Prices have fallen for five consecutive months. So far, Brent crude has fallen 30%.

Since shale companies began producing natural gas, oil prices have plummeted as U.S. inventories have increased. Meanwhile, Saudi Arabia has refused to cut production and lower oil prices to prevent competition from the US.

The Organization of Petroleum Exporting Countries (OPEC) will meet today in Vienna to discuss the fall in crude oil prices and decide on production cuts.

A Goldman Sachs report said OPEC is expected to announce a “modest reduction” in current production.

We believe it is in OPEC’s interest to share the burden of balancing the oil market surplus with US shale oil production. We believe that sharing the burden of balancing the oil market surplus with U.S. shale production is in line with OPEC’s interests,” said Goldman Sachs analyst Damien Courvalin in a report.

According to Kumar Jain, investment analyst at Lyon Securities India, the OPEC meeting is noteworthy because, apart from Saudi Arabia, many other neighboring countries and partners are not happy with the $80 crude oil price.

“It may require a struggle within OPEC, but as long as Saudi Arabia is willing to control the market, they are well placed to do so,” he told he ET Now.

“In terms of sustainability, it’s hard to say what’s going to happen in the next few months, and it may be difficult to keep prices below 80%” of the dollar,” Jain added.

However, Saudi Arabia, Kuwait, Qatar and the UAE seem unlikely to cut production. “The market will stabilize itself,” Saudi Arabian Oil Minister Ali Alnaimi told reporters. OPEC continues to hold production at 30,000,000 barrels and continues to adhere to quotas.

OMCs have performed well since the fall in gasoline prices, and the companies will not see losses in diesel and gasoline sales even if oil prices continue to fall. Profitability of these companies is expected to increase.

But analysts say the company’s recent revenues are largely a positive factor.

“Downstream companies IOC, Jain said, “Both BPCL and HPCL have accumulated a lot of expectations and hopes. After seeing them bounce back, I am no longer a big fan of the industry.”

“I recently had to go to BPCL to downgrade HPCLL to underperform and HPCLL to sell. There is a lot of expectation and potential in the market to improve marketing margins and that is happening,” added Jain.

At midday, the BSE index HPCL was up 2.70%, up 12%:40. up 3.92% to touch an intraday high of Rs 551.45.

The BSE index rose 1.70% and 3.42% to touch an intraday high of Rs 731.55.

The BSE index rose 1.46% to Rs 2.246. The percent touched an intraday high of Rs 731.55.