Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
LNG | Natural Gas | Oil

Middle East conflict, US-China tension fuel uncertainties for oil, gas firms: Malaysia PM

Commodities | Agriculture | Grains | Energy | Electric Power | LNG | Natural Gas | Oil | Crude Oil | Metals | Coronavirus

Market Movers Americas, June 29-July 3: Rig count rises, but pandemic continues to pressure US commodities

LNG | Natural Gas | NGL

Platts LNG Alert

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas

Regulation 'unrelated' to Slovak-Ukraine maintenance issue: RONI

Middle East conflict, US-China tension fuel uncertainties for oil, gas firms: Malaysia PM

Geopolitical tensions in the Middle East have fueled uncertainties that will impact the oil and gas industry, while the US-China trade conflict has created an unprecedented economic crisis for business, Mahathir Bin Mohamad, Prime Minister of Malaysia, said at the Asia Oil & Gas Conference 2019 on Monday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Mahathir said the Middle East is as turbulent as it was back in 2003 in spite of, or because of, the Western powers and their allies affecting regime changes in the region.

"Whether we acknowledge it or not, the military expeditions of 2003 used democracy as their cause when it is widely accepted that it was merely a camouflage, a pretext to take control over the production of oil in these nations," he said.

"In the Gulf, games of provocation create more uncertainties. These have definitely increased the stress on doing business and surely the oil and gas industry is and will be affected," Mahathir said.

Crude oil prices opened higher on Monday during Asian hours. At 11:25 am Singapore time (0325 GMT), ICE Brent August futures rose 26 cents/b (0.4%) from Friday's settle at $65.46/b, while the front-month NYMEX August light sweet crude futures contract was up 41 cents/b (0.71%) at $57.84/b. Oil prices rose on the back of growing concerns of a conflict between the US and Iran, after the US said it would ramp up sanctions on Tehran this week in response to an attack on a US military drone last week.

"Rising Middle East tensions have raised the risk of a price spike. And of course in the short-term, energy trade flows to Asia are obviously a concern," Jeff Brown, president of Facts Global Energy, told S&P Global Platts.

Later this week, US President Donald Trump and his Chinese counterpart Xi Jinping will meet at the G20 summit in Osaka to discuss ongoing trade differences that have weighed on market sentiment and commodity demand.

"While the turmoil of 2003 and the subsequent years remain unabated, we are now facing an unprecedented economic crisis caused by the US-China trade war," Mahathir said. "At this point in time we will not know how it will pan out but even as it is, numerous casualties have fallen along the way and we can expect more to fall if it persists," he added.

-- Eric Yep,

-- Sambit Mohanty,

-- Edited by Nurul Darni,