Dateline 2015-12-18, Borneo Post:
The oil and gas industry has been sluggish in 2015 and prevailing low oil prices will continue to cast a bleak outlook in the medium-term.
From the peak of US$112 per barrel reached in June last year, Brent, the global benchmark, almost halved its price, plunging to US$61.31 in June this year.
It has been steadily falling to below US$50 per barrel since August before dropping to US$36.33 on Dec 14, slightly above the low of US$36.20 seen during the 2008 financial crisis.
The weak oil price trend is caused by the oil supply glut following the booming shale industry in the United States while the Organisation of the Petroleum Exporting Countries (OPEC) refused to cap its production, estimated at about 31 million barrels per day (bpd).