Dateline 2014-11-01, The Star:
WITH the oil and gas (O&G) sector being one of the crucial sectors for the Malaysian economy and stock market, the downward spiral of oil prices in the last four months have left many jittery.
Sure, many were already aware of the steady build-up of oil supply in North America and the softening demand in Europe and Asia. Then there were also geopolitical tensions in the Middle East.
While oil prices had been slowly nudging downward throughout the year, the sudden almost 30% drop in the last few weeks caught many by surprise.
On Oct 1, Saudi Arabia lowered prices on its crude exports to Asia. This move signalled that the world’s largest exporter was looking to defend its market share rather than buttress prices.