Energy outlook challenging amid slowing economy, geopolitical tensions: Petronas

Dateline 2019-11-27, S&P:

The outlook for the energy sector remains challenging, with a slowing global economy and ongoing geopolitical tensions resulting in demand disruption and lower prices, Malaysia’s state-owned oil and gas company Petronas said in its third quarter results Tuesday.

Petronas posted a 3% year-on-year drop in revenue to Malaysian ringgit 176.2 billion ($42.2 billion) for January-September amid challenging market conditions and sustained pressure on commodity prices and margins.

Reduced sales of crude oil and condensates were partly offset by higher LNG and petroleum products sales, while lower prices were partly counterbalanced by the effect of the weakening Ringgit against the US dollar, the company said.

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