ICICI Bank: Crude Oil to Average $80 in FY27, India's Deficit Risks Grow Amid West Asian Tensions

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ICICI Bank: Crude Oil at $80 in FY27, India's Deficit Risks Widen Amid West Asia Tensions

India will send 5,000 tonnes of diesel from India Oil's Numaligarh refinery in Assam to Bangladesh on March 10, 2026, amid energy insecurity arising from the US-Israeli war on Iran. (Representational Photo, Credit: PTI)

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Firstpost•17-03-2026, 13:39

ICICI Bank: Crude Oil at $80 in FY27, India's Deficit Risks Widen Amid West Asia Tensions

•ICICI Bank projects crude oil to average $80 per barrel in FY27, up from $66 last year, due to West Asian geopolitical tensions.
•Escalation in the Middle East conflict and disruptions in the Strait of Hormuz have pushed oil prices above $100 recently.
•Every $10 increase in crude prices raises India's net oil import bill and CAD by $12 billion (0.3% of GDP).
•India's economy is vulnerable as 15% of goods exports and 38% of remittances are linked to West Asia.
•ICICI Bank revised FY27 goods trade deficit to $383 billion and CAD to $60 billion (1.4% of GDP) due to these pressures.

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