HIGH GLOBAL OIL PRICE TREND COULD DAMPEN GLOBAL GROWTH

SINGAPORE, March 24 (Bernama) -- With global oil prices remaining under
upward pressure from turmoil in the Middle East and North Africa, global growth
could be dampened, says Dr Shane Oliver, head of investment strategy and chief
economist at AMP Capital Investors.

The global economies and share markets could probably live with current oil
price levels but a sustained sharp rise in the oil price to $US140 would make
life a lot more difficult, he said.

Meanwhile, Nomura International (HK) Ltd, in its research note said the
increased tension in Libya and reports of violence coming from Yemen, Bahrain
and Syria would only mean limited impact on the supply from these countries if
the crisis were to escalate.

Net oil exports from the three countries amount to only 304 kbbl/d (1000
barrels per day) with the largest exporter being Bahrain at 142kbbl/d.

Nomura said it believed that most of Bahrain’s production is unlikely to be
offline, even if the crisis escalates, given that more than three-fourths of
Bahrain’s production is from an offshore field (Abu Safah) which is a joint
field (50-50 share) between Bahrain and Saudi Arabia and is operated by Saudi
Aramco.