Oil & Gas Sector Update by Kenanga Research - Maintain Neutral | Rakuten Trade Ideas 🎯
Oil & Gas Sector Update by Kenanga Research - Maintain Neutral
2023 average brent crude oil price assumption USD80/bbl.
Demand from non-OECD countries especially China and OPEC+ supply cut and US Strategic Petroleum Reserve restocking will provide support for the oil price.
Petronas target RM300 billion capex spend for CY22 to CY27 translating to substantial RM60 billion annual capex.
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