New Delhi, March 18 -- India's upstream oil and gas companies are set to benefit significantly from rising global crude prices, driven by improved realizations, stronger operating leverage, and enhanced cash flows, according to a recent report by Yes Securities.

The report highlights that "higher crude prices are supportive for India's upstream exploration and production companies as crude realizations are directly linked to international oil benchmarks," highlghting the direct correlation between global price movements and upstream earnings.

With production costs largely stable, the upside from higher prices flows disproportionately into profits.

The report noted that "with production costs relatively stable, rising crude prices trans...