KUALA LUMPUR, April 22 — RHB Research has maintained its ‘overweight’ stance on the oil and gas (O&G) sector as the research house foresees the geopolitical uncertainties to...
RHB Research has maintained its ‘overweight’ stance on the oil and gas sector as the research house foresees the geopolitical uncertainties to stay. — Reuters picKUALA LUMPUR, April 22 — RHB Research has maintained its ‘overweight’ stance on the oil and gas sector as the research house foresees the geopolitical uncertainties to stay.
“We think the base case scenario is for tensions to stay isolated within selected countries in the Middle East, suggesting that the collateral damage may be limited to the broader region and the Group of Seven members,” it said in a note today. Overall, it has raised its Brent oil prices forecast for 2024-2025 to US$88 per barrel and US$83 per barrel, respectively, as the uncertainties arising from recent geopolitical conflicts could support prices in the near term.Meanwhile, Kenanga Investment Bank Bhd also maintained its ‘overweight’ stance for the O&G sector.
“These oil price levels are supportive of upstream investment locally, especially considering the under-investment by producers in the early 2020s,” it said.
RHB Research Kenanga Investment Bank
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