August Update
In the past few months, crude oil prices have gone down and climbed up again. Forbes reports that crude oil futures for September delivery traded at more than USD69 per barrel today, a rise of 3% from yesterday. (Ref: Reuters, 18th August 2009. Oil rises above $68 on Wall Street gains .) In the local Malaysian scenario, the following interesting stories have appeared. (1) The International Monetary Fund (IMF) advised that Malaysia should reduce its dependency on oil. (Ref: The Star Online, 16th August 2009. IMF: Take preventive steps and reduce dependence on oil .) The Forbes today also reported: Malaysia shelved plans to implement GST in 2007 but has recently put it back on the drawing board due to declining oil revenues. Malaysia's budget deficit excluding oil revenues will be 11 percent of GDP in 2008, according to the IMF, and with lower oil prices in 2009 than in 2008, the income from oil will shrink in 2010 as it is based on 2009 prices. (Source: Forbes, 18th August 2009. UPD...