Dateline 2015-01-29, Borneo Post Online:
With the high supply, advancement of technology and slowing demand in the crude oil industry, it is necessary for industry players to relook at their strategies and approaches.
According to Mazuin Ismail, vice president of Technical Global, Upstream Business, Petronas Malaysia, demand is slowing and Organization of the Petroleum Exporting Countries (OPEC) is not being able to control it too much.
As such, the period of low oil price is likely to persist over the next few years.
“When we look at the prolonged period of oil price, we believe this will ‘stress test’ the industry because of the lower price. We have seen how it is reported that capital flight as much as US$500 billion has taken place.
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Wata - Malaysian Oil and Gas Engineer 