PETALING JAYA: The projection that oil prices would remain higher over the medium term in the range of between US$80 and US$90 per barrel has led Hong Leong Investment Bank (HLIB) Research to maintain its “overweight” call on the local oil and gas (O&G) sector.
The research house said in a note published yesterday that the oil price prediction is premised mainly on continued production cuts from the Organisation of the Petroleum Exporting Countries (Opec) to pre-empt a potential lower demand arising from economic risk at least until mid-2024.
Already a subscriber? Log in
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
