Shocks in oil and gas industry weigh on performance

Reflecting a devastating year for oil markets and the global economy at large as the world continues to battle the coronavirus pandemic, oil giant Saudi Aramco has reported a 50% fall in net income to US$23.2bil for the first half of the year from US$46.9bil over the same period in 2019.

PETALING JAYA: The oil and gas (O&G) industry is experiencing its third price collapse in 12 years but after the first two shocks, the industry rebounded and business continued as usual.

This time it is different as the current context combines a supply shock with an unprecedented drop in demand for the commodity and a global humanitarian crisis brought about by the Covid-19 pandemic.