Oil price hike good for Malaysia, say analysts

  • 📰 fmtoday
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 72%

Malaysia Headlines News

Malaysia Latest News,Malaysia Headlines

Economists say the spike in oil prices following the attacks on Saudi oil fields will mean more money for the Treasury as Malaysia is an exporter of oil. FMTNews

Lim Guan Eng says Petronas’ revenue and the government’s fuel subsidy will increase after crude oil prices spiked following the incident in Saudi Arabia.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said higher oil prices were a boon to the government but it needed to strike the right balance on whether to spend for long-term investments such as development expenditure or short-term remedies such as subsidies or cash transfers.

On Monday, Finance Minister Lim Guan Eng said Petroliam Nasional Bhd’s revenue and the government’s fuel subsidy would increase after crude oil prices spiked following the incident in Saudi Arabia. “Prices could remain elevated as repairs are performed but unlikely to go higher than May highs as Saudi Arabia will tap into reserves and tame the oil price. Also, there is much reserves globally.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in MY

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

RON95 price cap to remain for now despite Saudi oil plant attacks - LimThe finance minister, however, says Putrajaya needs more time to study the matter. Lim Guan Eng
Source: malaysiakini - 🏆 20. / 51 Read more »

Oil prices surge 15% after attack on Saudi facilities hits global supplyNEW YORK: Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.
Source: staronline - 🏆 4. / 75 Read more »

US ‘locked and loaded’ to respond to Saudi oil attack | The Malaysian InsightDonald Trump hints at potential American military response for first time following Saturday's drone strikes on plants.
Source: msianinsight - 🏆 8. / 63 Read more »

Trump authorises release of US oil reserves after Saudi supply disruptionIn tweets, US President Donald Trump said the amount of oil released would be determined 'sufficient to keep the markets well-supplied'. FMTNews
Source: fmtoday - 🏆 5. / 72 Read more »

Oil prices surge 15% after attack on Saudi facilities hits global supplyNEW YORK: Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.
Source: staronline - 🏆 4. / 75 Read more »

Trump says U.S. is 'locked and loaded' for potential response to Saudi oil attackWASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday that the United States was 'locked and loaded' for a potential response to the attack on Saudi Arabia's oil facilities, after a senior official in his administration said Iran was to blame.
Source: staronline - 🏆 4. / 75 Read more »