Calmer O&G environment should drive up prices

Dateline 2018-12-14, Borneo Post:

 The calmer operating environment in the oil and gas (O&G) sector should drive up oil prices, analysts observed.

In a report, the research arm of AffinHwang Investment Bank Bhd (AffinHwang) noted that a total of 1.2 million barrels of oil per day (mmbpd) will be removed from the oil market for six months from January 2019 onwards, representing 1.2 per cent of the total supply.

It also pointed out that the Organisation of Petroleum Exporting Countries (OPEC) members pledged to cut 800,000 bpd of output, while the rest of countries including Russia with a lion’s share, will cut 400,000 bpd.

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