PETALING JAYA: Petroliam Nasional Bhd’s (PETRONAS) latest Activity Outlook for 2026 to 2028 reinforces analysts’ cautious view on Malaysia’s oil and gas (O&G) services sector, with activity expected to remain uneven and several upstream segments facing moderation next year.
This comes amid rising global crude oil prices, mainly driven by heightened geopolitical risks.
Brent crude futures rose above US$70 a barrel last month, the highest since last July, putting the global benchmark on track for its biggest monthly gain since January 2022.
Nonetheless, market watchers said the recent rally was driven more by a repricing of risk than by changes in the sector’s supply and demand dynamics.
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