KUALA LUMPUR: The sharp increase in the Brent crude oil price to more than US$100 per barrel compared to the estimated oil price of US$66 per barrel when Budget 2022 was tabled will be a net positive for the government, but fiscal reforms are more pertinent as oil prices may not remain at current rates indefinitely, experts said.
OIL prices are on a tear. Just like there were in 2008 and from 2011 to 2014 going by recent memory. There is one notable difference today though. When oil prices surpassed US$100 (RM420) a barrel in those periods, there was vibrancy that was felt.
Experts say the pandemic has led to cracks in the system that was already vulnerable in the first place, leading to price rises and slowing recovery, among others. When will it improve?