KUALA LUMPUR, Sept 7 (Bernama) — PETRONAS’ financial performance for the first half of the year 2020 reflects the uncertainties faced by the oil and gas industry as it was further compounded with the effect of weak demand caused by global lockdowns and movement restrictions, excess capacity, and a fragile outlook for oil prices. The accelerated energy transition which sees the push towards a lower carbon economy is also expected to further impact the demand for natural resources.
Brent prices continued to slide in the second quarter of 2020, with the dated Brent averaging US$29.20/bbl compared to US$68.83/bbl in the second quarter of 2019. For the first half of this year, the dated Brent average was US$39.73/bbl, compared to US$66.02/bbl in the previous corresponding period.
