Pacific Radiance has welcomed further cuts announced by OPEC and non-OPEC oil producers and confirmed it would receive financial aid from the Singaporean government.
But the Singapore-listed owner hinted that the positive impact from the additional cuts will be felt in the longer-term.
Pang Yoke Min, executive chairman of Pacific Radiance, said: “We believe the longer-term outlook has improved as OPEC and certain non-OPEC producers have sustained oil production cuts until June and have also agreed to extend these cuts by another nine months.
