July 28, 2025 09:24 PM GMT India Energy | Asia Pacific Morgan Stanley & Co. LLC Cheaper oil, better hardware and robust demand: In F25, OMCs collectively made US$10.4bn operating profits after absorbing ~US$5bn in cooking gas losses when adjusted feedstock prices were US$76/bbl (adjusted for Russian discount). OSPs will likely face more pressure due to increased production from OPEC, Brazil and the US, while OMCs look better positioned to leverage this opportunity with better hardware than a decade ago - th ...