Petroleum National Bhd (Petronas) expects that the path to a sustainable recovery in oil demand will remain fragile and uncertain in 2022-2024, due to the possible emergence of new coronavirus mutations, which could lead to new lockdowns.
Although the release of vaccines has supported the recovery for transport fuels due to increased travel traffic, the aviation industry is expected to return to pre-pandemic levels not before 2024, according to the Malaysian state oil company.
Petronas added that the accelerating energy transition will create further challenges for traditional oil and gas activities.
“Industry actors must be innovative and remain cost-competitive to ensure that projects and production remain viable in the uncertain economic climate for the viability of the industry,” Petronas said.
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Source From: Capital
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