Malaysia’s Petronas says cautious on new projects amid market volatility


Dateline 2018-12-11, Xinahunet:

Malaysian state-owned oil and gas company Petronas said Tuesday that it expects market volatility to persist next year, and remains cautious on new capital projects.

“Greater market volatility is expected to persist in 2019. Petronas maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects,” Samsudin Miskon, vice president of the group’s procurement, said in an activity outlook report for the period 2019-2021.

Oil prices have been fluctuating this year, with Brent crude oil prices rising to 86 U.S. dollars per barrel in early October, from 67 U.S. dollars per barrel at the beginning of the year. However, the prices declined by 30 percent to 57 U.S. dollars in early December due to oversupplied market.

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