Tuesday, November 24, 2020

Malaysia to revise Budget 2019 if oil price below US $50

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Malaysia will only check the Budget 2019 if crude oil prices drop below US $ 50 per barrel, Finance Minister Lim Guan Eng said on Sunday.

The Ministry of Finance provided budget based on crude oil prices at US $ 70 per barrel.

Lim said there was no need to revise the budget as the government was looking at the average price of crude oil and not based on daily prices.

“Previously, when oil prices rose from US $ 52 per barrel to US $ 72 per barrel, the government did not review the budget, as well as it fell from US $ 72 per barrel to US $ 52 per barrel at this time.

“The government will only consider revising the budget if crude oil prices drop below US $ 50 per barrel,” he told reporters after the Beach Street Christmas Run on Sunday.

Lim said the market was somewhat uncertain at the moment although the analysts were still positive that the average price of crude oil could reach US $ 70 per barrel.

“You know when Donald Trump (President of the United States) talks about something, this will affect the price (crude oil), Lim said

“For now, as long as the average price is still above US $ 50 per barrel, there is no need to revise, but the government will monitor the price and see its movements next year,” he said.

Oil prices slipped to a record low of 12-months last Tuesday, down between four and seven percent last week, dragged down by the global economic slowdown, as well as concerns over excess supply in the oil market.

West Texas Intermediate (WTI) fell below US $ 47 per barrel while Brent dropped to US $ 56.

The cause of the sudden deterioration was contributed by various factors.

The increase in crude oil inventory as well as the shale oil production projection has affected oil prices, but the fall in prices is compounded by overall sales in the financial sector.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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