Bulls beware – the 2020 oil market is quickly turning ugly

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

LONDON: Oil bulls thought 2020 would be their year.

After half a decade of lower spending on new projects, oil production growth was supposed to slow to a trickle just as demand was supercharged by a once-in-a-generation shake up in the shipping fuel market. Many market commentators predicted that if US$100 a barrel-oil was going to make a come back, it would happen in 2020.