Another year of uncertainty ahead for O&G sector

Didn’t I publish a previous article about being upbeat?

Dateline 2023-01-03, Malaysian Reserve:

THE oil and gas (O&G) sector is expected to run into twin headwinds this year, characterised by the volatility in the energy market and the slowdown of the global economy.

Oil prices were steady and closed higher last Friday, ending 2022 on a gain despite concerns due to weakening demand from top crude importer China and the growing risk of a global recession. This marked a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and China’s lockdowns.

One bright spot for Malaysia is Petroleum Nasional Bhd (Petronas) and the overall positive sentiment towards

its activities for 2023-2025, as well as the national oil giant’s third-quarter net profit which almost doubled to RM30.8 billion from the RM16.3 billion reported in 2021.

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