KUALA LUMPUR: Cost-cutting measures have helped lift Petroliam Nasional Bhd’s (Petronas) earnings last year but the state-owned oil and gas company is not about to embrace an optimistic stance, stating it remained cautious in its outlook for the industry this year.
According to Petronas president and group CEO Datuk Wan Zulkiflee Wan Ariffin, the group would continue to maintain a “conservative” outlook for 2017, pursuing cost optimisation and efficiency improvement, given the uncertainty of global crude oil prices.
“I don’t know whether the worst is over or not. We still feel the outlook is uncertain,” Wan Zulkiflee said.
“We are preparing ourselves for a ‘very uncertain’ second half of this year,” he said at a briefing on Petronas’ financial results.
Wan Zulkiflee said Petronas’ projection of oil price for this year was similar to that of the government as announced for Budget 2017, that is US$45 per barrel.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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