Petronas forecasts crude at US$30; expects more tough years

Kuala Lumpur

PETROLIAM Nasional Bhd said crude prices could average US$30 a barrel and warned the Malaysian state oil company faces two to three tough years.

Just two months after the company was assuming an average price of US$48 a barrel, chief executive officer Wan Zulkiflee Wan Ariffin laid out the new "low-price" scenario for 2016. Petronas remains committed to its multi-billion-dollar projects as it sticks to its capital expenditure plan of as much as RM350 billion (S$114.5 billion) over the next five years, he said on Monday.