By Gho Chee Yuan
KUALA LUMPUR (Dec 04) -- Malaysia's Petroliam Nasional, or Petronas expects oil price to hover around $50 to $60 per barrel, the national oil and gas company said in its Activity Outlook 2018-2020 report Monday.
Crude oil price is expected to remain volatile as traders may take position to capture opportunities from gyration of oil prices, said Petronas Vice President of Group Procurement Samsudin Miskon. "Any geopolitical events can also push up oil prices as the market is still rebalancing," he said.
Organization of Petroleum Exporting Countries (OPEC) and its Non-OPEC members like Russia on Thursday decided to extend the output cuts till the end of 2018. Malaysia has also committed to reduce its oil production by 20,000 barrels per day.
"In order for oil prices to continue improving, OPEC and non-OPEC need to demonstrate commitment to the production output cut level pledged in November 2016 of 1.8 million barrels per day," he said.
- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
- Edited By Lopamudra Bhattacharya
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.