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约搏ETH单双博彩:Positive outlook for O&G heading into 2023

约搏ETH单双博彩:Positive outlook for O&G heading into 2023

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KUALA LUMPUR: The outlook for the oil and gas sector is expected to remain stable, propped up by the decision of the Organisation of the Petroleum Exporting Countries and its allies (Opec+) to scale back on production from next month.

In a note yesterday, RHB Investment Bank Research said oil prices have undergone a decent recovery from end-September, responding to the news of a possible production cut, which is now confirmed.

“The strong recovery in oil prices will directly benefit companies with exploration and exploration businesses, like Hibiscus Petroleum Bhd and Dialog Group Bhd, as well as selected petrochemical companies such as Petronas Chemicals Group Bhd.”

Indirectly, this price recovery will continue to entice oil companies to sustain their capital expenditure and operating expenditure spending plans, which will be a boon to upstream services players, it added.

“For Malaysia, maintenance-related players are likely to recover faster than fabricators, since Petroliam Nasional Bhd is not aggressively expanding greenfield projects but is, instead, focusing on low-hanging fruits to boost production,” said RHB Research.

However, while the official decision from Opec+ is to reduce production by two million barrels per day (bpd), RHB Research estimated the actual production to decrease by about one million bpd.

“This is because some Opec producers have not met their production quotas in the past few months due to capacity constraints,” the research house said.

With the United States currently mulling possible “response options”, with one of these being enabling antitrust laws against Opec for anti competitive behaviour, as well as passing the No Oil Producing and Exporting Cartels Act (Nopec) in the senate, RHB Research warned that this could trigger another bout of diplomatic squabbles, depending on how Opec retaliate.

“For example, Saudi Arabia once threatened to trade oil in other currencies if the US passed Nopec back in 2019. As such, oil prices could be extremely volatile and swing both ways,” it noted.

RHB Research has increased its Brent crude oil price forecast for 2023 and 2024 by US$5 (RM23) per barrel to US$90 (RM420) and US$80 (RM374) respectively, to impute the lower supply from Opec+, coupled with the expectation of lower production in the US.

The estimated average price for Brent crude is US$102 (RM476) for 2022.

“The year-on-year price projection decrease from 2023 to 2024 is based on the assumption that there would be a gradual increase in global supply, as well as the uncertain economic outlook,” said RHB Research.

Its top picks for the sector are Bumi Armada Bhd

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