Dateline 2020-04-17, NST:
Malaysia’s pledge to cut oil production by 136,000 barrels per day (bpd) in May and June is bigger than expected.
Public Investment Bank Bhd said this was almost seven to nine-fold of the country’s previous cuts of about 15,000 to 20,000 bpd.
This, PublicInvest added, might hurt the mining and quarrying sector sectors especially when the cut for OPEC+ hits it tipping point in May and June.
“This may hit the mining sector in the Industrial Production Index and mining and quarrying sector in gross domestic product (GDP) output especially in the second quarter of the year when the cut for OPEC+ hits its tipping point,” the firm said today.