Petroliam Nasional Bhd (Petronas) has cut the July 2022 official selling price (OSP) of Malaysian crude oil to US$124.30 a barrel, from US$$132.50 for June 2022, Bloomberg reported, quoting an emailed statement by Petronas on Monday (Aug 1).
“OSPs of other Malaysian grades for July (are) Cendor at US$/barrel, Tapis Blend at US$/barrel, Dulang at US$/barrel, Bintulu at US$/barrel,” Bloomberg reported.
Malaysian national oil company Petronas said on its website that the company explores, produces and develops oil and gas resources in Malaysia and abroad, to deliver long term value to all its stakeholders.
“With onshore prospects in Canada, exploration in South America and deepwater drilling in Brunei, we are venturing into a broad portfolio of reserves and playtypes, applying innovative technology and developing niche technical solutions to maximise our hydrocarbon potential,” Petronas said.
It was reported that global crude oil prices dropped on Monday (Aug 1), as weak manufacturing data from China and Japan for July 2022 weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.
“Brent crude futures were down 82 cents or 0.8% at US$103.15 a barrel at 0608 GMT. US West Texas Intermediate crude was at US$97.44 a barrel, down US$1.18 or 1.2%,” Reuters reported.
Commodity markets have seen continued volatility, according to Prospects Group’s latest July 2022 Global Monthly note, which is published on the World Bank Group’s website.
The price of Brent crude oil averaged US$/barrel in June 2022, before dropping below US$100 by mid-July 2022, mainly reflecting slowing global activity, Prospects Group said.
“European natural gas prices rose 15% in June (month-on-month) and continued to increase in July, as Russia cut gas exports to Europe, with pipeline deliveries down by about 60% in June.
“Meanwhile, EU (European Union) imports of liquefied natural gas from the United States have increased sharply in 2022, offsetting some of the decline in imports from Russia as a result of sanctions associated with the war in Ukraine.
“Agricultural prices declined 5% in June (m/m), led by grains (7%) and oils and meals (6%). Wheat prices have fallen due to higher-than-expected production in Canada, Russia and the United States.
“Metal prices have seen a sharp fall amid worries of a decline in Chinese demand and weak global growth,” Prospects Group said.
