The State of the Nation: Two reminders from Petronas’ tough 1Q2016

Heck, there are more reminders, from other companies dying during this period.

Dateline 2016-06-06, The Edge:

This article first appeared in Corporate, The Edge Malaysia Weekly, on May 23 – 29, 2016.

PETROLIAM Nasional Bhd’s (Petronas) recent results announcement is an urgent reminder that the recent rebound in crude oil prices does not mean that the worse is over for Malaysia’s economy, which is trying to wean itself off a heavy dependence on oil-related revenues.

Recall that oil and gas saw a ghastly start to the year. Crude oil prices ended last year at about US$41 per barrel and quickly tumbled to below the US$30 per barrel level in mid-January, a level not seen in 12 years.

It sent shockwaves around the globe. Everyone in oil and gas reeled while oil-dependent countries scrambled to deal with reduced revenues.

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