The oil glut built up during the coronavirus pandemic has almost gone and stockpiles will slide rapidly in the second half of the year, according to an assessment of the market from an OPEC+ committee. A ministerial group is gathering in Vienna, before a full meeting that is expected to ratify a scheduled output increase for July.
In 2021, Tengku Yusof said the group’s subsidiary Perdana Nautika Sdn Bhd was awarded a licence by Petroliam Nasional Bhd (Petronas) to provide marine vessel chartering services to the national oil company and its petroleum arrangement contracts.
“The group aspires to be the leading and preferred offshore marine operator for the upstream O&G industry in the region, ” he added.
Perdana plans to modernise its fleet of OSVs to phase out the older vessels as the fleet’s current average age is about 10 years old.
“The fluctuation of charter rates in 2021 could start to take a toll on older vessels that are more expensive to operate. In light of this, a fleet replacement programme for ageing vessels is anticipated to be launched for cost efficiency optimisation although the extent of this project will be subject to market developments and funding considerations.
“The fleet replacement programme is a component of the group’s business sustainability plan to bloster utilisation rates for its main business AHTS and AWB fleet categories. It will be part of the group’s strategy to drive operating cost efficiency in 2021, ” said Tengku Yusof.
BP saw the largest increase in profit in the first quarter of 2021 compared to the same period of 2020, the agency’s calculations showed.
BP reported a profit attributable to shareholders of $4.7 billion in Q1 2021, compared to a loss of $4.4 billion for the first quarter of 2020. The supermajor resumed share buybacks this quarter after more than tripling its first-quarter earnings from a year ago on the back of rising oil prices and “exceptional gas marketing and trading performance.” BP reported underlying replacement cost profit—its proxy for net profit—of $2.63 billion, up from $791 million for the first quarter of last year and from just $115 million for the fourth quarter of 2020.
In terms of revenues, Anadolu Agency’s estimates show that combined revenues of the top ten oil firms increased by 6.6 percent annually to around $387 billion. Saudi Aramco’s revenues rose the most—by 20 percent to $80 billion.
The Saudi giant also reported a 30-percent jump in net income for the first quarter of the year to $21.7 billion.
OCBC Treasury
Research sees Brent crude oil reaching US$80
per barrel, possibly before the end of July, if the
planned output in August remains the same as July.
“If the output increases as planned, we expect
the target of US$80 per barrel to be met possibly
only towards the end of 2021,” its economist
Howie Lee said in a report toda
Yes, backdoor PM will resign on Monday ! So, the new government will bring new hope and new confident to all the local & foreign investors enter into our market !
So, I think started from tommorrow, KLSE will have a big uptrend toward 1,800 to 2,000 pts !
Perdana tommorrow will spike to above 0.20 and T.p by end of Aug 2021=> break above 0.30 T.p by end of Dec 2021=> break above 0.50 T.p by end of Mar 2022=> break above RM1.00 T.p by end of Jun 2022=> break above RM2.00
Superb, almost all the economy is re-open for start business started from tommorrow, Monday, 16-8-2021 ! KLSE really will started booming tommorrow onwards !
SleepingForest the fortune teller? That means October i'll be millionaire lor? Since I wallop so many shares for the couple of months 0.15 all the way to 0.13
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Godofgambler
5,307 posts
Posted by Godofgambler > 2021-06-01 19:43 | Report Abuse
Hooooootttttt