MIDF said industry players expect further signs of recovery with increased drilling activities, particularly in South-East Asia with contracts awarded back in the second half of last year by regional players. This is expected to drive the utilisation rates for the rigs. PETALING JAYA: After a tumultuous four months for the oil and gas (O&G) sector, industry players can heave a sigh of relief on the back of some certainty as global oil prices start to stabilise. Over the past month, the price of Brent crude oil has consistently sat above the range of US$40 per barrel as it recovered from the April plunge to US$16. While this is still very low compared to the peak of US$146 per barrel in 2008, it is much-needed stability, at least for the time being for the industry, something that the coronavirus (Covid-19) pandemic robbed the global economy of. As demand starts to slowly recover with the relaxation of movement restrictions in many countries, it has yet to strike an equilibrium with the supply in the market. This is where efforts such as production cuts by the Organisation of the Petroleum Exporting Countries (Opec) and its allies have allowed the oil prices to stabilise at current levels. But as MIDF Research pointed out, crude oil prices remain susceptible to all the major socio and geopolitical developments in the world, including Covid-19 developments. That said, the research house is positive on recent developments such as the easing of production cuts by Opec and its allies starting next month, the easing of Covid-19-related measures globally and the voluntary production cut by non-Opec countries, especially the United States shale producers.,
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