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Oil prices have a "very low" probability of falling below $60 per barrel and Oil and Natural Gas Corp (ONGC) "should not face any economic difficulties" as long as prices stay above that level, its finance chief has said."(Trump's tariff) and the impact that it has had on the markets have adversely affected the oil markets. Oil prices have gone down. That doesn't help ONGC very much," ONGC director-finance Vivek Chandrakant Tongaonkar told ET.Brent, the international crude benchmark, has fallen to $65 per barrel, losing about $10 between April 2 and 4, reflecting the increased fears of a slowdown in the global economy and oil demand following the launch of a massive trade war by US President Donald Trump. Falling oil prices have hammered the stocks of ONGC, Oil India and other producers around the globe. "If the prices remain low, then we have already considered that we would be focusing on cost control," Tongaonkar said.Anything above $70 per barrel "is good for us", said Tongaonkar. "As of now, we don't envisage that we would have too much of a problem even if prices go down to $60. We will not make huge profits, but we will be OK with that. We should not face any economic difficulties." Low prices will not help boost global production, he said. "Very low crude prices are not very conducive for even American producers. Even the Middle Eastern producers would not really be very comfortable with that $60 price or anything below that." Trump wants US production to rise to fulfil his ambition of American dominance in the global energy market and ensure lower energy costs for US citizens.ONGC realised a crude price of $78 per barrel during the nine months that ended in December 2024. The realisation narrowed to $72.5 in the October-December quarter. The company's profits will be impacted in the current quarter if prices stay below $70. High domestic gas prices may, however, act as a cushion for ONGC. Domestic gas price, however, too can decline with the fall in oil prices. The gas price is determined every month as 10% of the crude price, and if crude falls below $67.5 per barrel, the domestic gas price will start slipping from the current level of $6.75 per mmbtu.Gas contributes 20-25% to ONGC's profit before tax now, compared to four years earlier when the gas production business brought in losses. ONGC realised a gas price of $6.5 per mmbtu in 2024 for price-regulated fields, compared to $1.79 three years earlier. The domestic gas price has increased to $6.75 from April.With a new pricing policy for new well gas in place, and some new fields put into production off the eastern coast, ONGC now has an expanding volume of gas that's sold above the government-regulated rate of $6.75, boosting overall gas price realisation. Domestic gas price moves between the floor of $4 and a ceiling of $6.75 per mmbtu, and is currently at the ceiling.