Hong Leong Investment Bank predicts a positive outlook for oil and gas companies in the medium term.
The research house has maintained its “overweight” rating on the O&G sector and revised its target Brent crude oil forecasts for 2023-2024 at US$85 per barrel and for 2025 at US$80 per barrel. HLIB also pointed out that the limited supply capacity growth could also influence oil prices movements due to the projected slowdown of shale oil output growth and impending restocking activities of the US Strategic Petroleum Reserve .
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