PETRONAS TO PRODUCE LESS PETROLEUM NEXT YEAR? BUT WHY NOW!?


Dateline 2016-12-28, Cili Sos:

You don’t need to be an economist to see how badly our economy is doing. Oil prices have been going down worldwide and that (coupled with other factors of course), has really taken a toll on our Ringgit.

In a previous article about Petronas, we mentioned that this one company alone supplies 30% of our country’s GDP (and some say 40%). In fact, the oil price drop hit Petronas so heavily that the first half of 2016 has not been kind to Petronas. They announced in August this year that their profits had fallen a staggering 96% when compared to their profits at the same time last year.

 

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