Volatile Market Expected to Continue in 2H

The oil and gas market is expected to continue to be volatile in the second half of 2019 amid protracted trade issues that have spread beyond the United States and China, sluggish oil demand growth as well as the slowing global economy.
That’s according to Petronas, which made the statement in a comment sent to Rigzone on Friday. In the comment, Petronas added that nationalism around the world is expected to remain at the fore, “with protectionist policies detrimental to growth prospects”.
“These prevailing uncertainties are expected to pose challenges to the overall year-end performance of the Petronas group,” the company stated.
“The group will remain focused on ensuring continuous overall business improvement as well as driving commercial and operational excellence,” Petronas added.
Petronas posted $29 billion (RM121.1 billion) in revenue in 1H 2019, which was an increase of $935 million (RM3.9 billion) from the same period last year. Profit after tax rose nine percent to $6.9 billion (RM28.9 billion) in 1H 2019.
“Petronas continues to deliver a healthy financial performance for the first half of 2019 despite persistent challenging market conditions,” Petronas President and Group CEO, Tan Sri Wan Zulkiflee Wan Ariffin, said in a company statement.
“The results are positive outcomes of the organization’s rallied commitment to constantly strive towards improvements in our operational efficiencies and commercial excellence, while maintaining fiscal discipline throughout the group,” the Petronas head added.
Petronas is a fully integrated oil and gas multinational corporation, according to its website, which highlights that the company traces its roots back to 1974.
To contact the author, email andreas.exarheas@rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- What Would War-End Mean for Global Oil and Gas?
- BP Boss Talks Energy Trilemma
- Fitch Solutions Reveals Latest Oil Price Forecast
- EU Playing Catch-Up To Secure Sustainable Energy
- US Microgrid Market Developing Rapidly With 10GW Capacity
- Algeria Hopes Energy Deal With Chevron Is Concluded This Year
- Attacks Highlight Continued Vulnerability of Ukraine Ports
- Denmark Awards First Three Offshore CO2 Storage Licenses
- Aker Solutions Signs Deal For Electrification Of Draugen Platform
- Oil Rises as Saudi Issues Price Hike to Asia
- New SPR Bill Passes House
- Shell CEO Says World 'Desperately In Need' Of Natural Gas
- Energy Services Sector Will Grow To $1 trillion In 2025
- Fate Of $8Bn Alaska Oil Project To Be Resolved In Next 30 Days
- Winter Storm Mara Update
- Gov't Tampering Puts Australian Gas Market In Unenviable Position
- What Would War-End Mean for Global Oil and Gas?
- OPEC+ Exports Show Russia Surges While Saudi Arabia Dials Back
- Fed Will Be One Of The Leading Oil Price Drivers in 2023
- Will A New Iran Nuclear Deal Be Agreed to in 2023?
- Valaris Employee Reported Missing from Rig
- Gasoline and Diesel Prices Expected to Fall
- New SPR Bill Passes House
- Is the USA Shale Boom Over?
- Higher Oil Prices Have Not Led to More Exploration
- Shell Finds Gas In Pensacola High-Impact Well Off UK
- Iran Oil Gushes Into Global Market
- Will Oil Hit $100 Per Barrel in 2023?
- What Bad Habits Should Oil and Gas Jobseekers Avoid?
- Eni, Chevron Make Significant Gas Discovery Off Egypt