High oil prices a boon for Malaysia

Rising prices: The morning sun rises behind oil rigs sitting in storage at a yard outside of Odessa, Texas. This week, the price of Brent crude oil touched US$90 (RM377) per barrel for the first time since 2014. — AP

OIL prices are on a tear. Just like there were in 2008 and from 2011 to 2014 going by recent memory. There is one notable difference today though. When oil prices surpassed US$100 (RM420) a barrel in those periods, there was vibrancy that was felt.

Malaysia’s coffers were growing from exports receipts of Petroliam Nasional Bhd (Petronas), which in turn contributed to the country’s fortunes and ability to fund its economic growth and expansion.