Oil-related industries face challenging times, say analysts
Singapore
WITH a drop in oil demand expected to get worse in Q2, oil-related segments of the economy are in for a challenging environment, as outlined by policy makers recently.
In its Macroeconomic Review released last week, the Monetary Authority of Singapore's Economic Policy Group noted that demand collapse in oil coupled with the supply glut in the market have led to crude oil price plunge and volatility in recent times. These are affecting not only marine & offshore engineering, petroleum refining and petrochemicals manufacturing, but also midstream activities such as wholesale trade, and transportation and storage of crude oil and fuels.
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