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Malaysia's Petronas forecasts oil prices around $50-$60/bbl

Reuters 2017-12-04 13:05:46

KUALA LUMPUR (Reuters) - Malaysia’s state energy company Petroliam Nasional Berhad [PETR.UL], or Petronas, forecast oil prices to hover around the $50s and $60s in its 2018-2020 outlook report.

FILE PHOTO: A Petronas logo at their office in Kuala Lumpur, Malaysia August 15, 2017. REUTERS/Lai Seng Sin/File Photo

“In our view, the oil price outlook will hover around $50s to $60s per barrel,” said Petronas in its report released on Monday, adding that $100 a barrel was a “thing of the past”.

Petronas last forecast that oil prices at $50 a barrel should be taken as the new norm, but said in its recent earnings announcement that it expects its overall year-end performance to be better than last year, indicating an improved view of the energy market.

Reporting by Emily Chow; Editing by Tom Hogue