Oil prices are currently hovering at about US$60 per barrel. For the cumulative nine-month period, Petronas posted a net loss of RM19.89 billion versus a net profit of RM36.36 billion in the same period of 2019. "Oil price spiked to US$63 per barrel recently, perhaps due to optimism on the roll-out of vaccine programmes globally. We believe that oil prices will be lower than before in the long run. Despite the gradual recovery and prolonged market challenges, Petronas remained optimistic in pursuing its growth strategies, he added.

Source: The Edge Markets February 20, 2021 02:16 UTC