Malaysia’s Petronas said on Tuesday that it expected oil demand recovery from the COVID-19 pandemic to remain fragile and uncertain in the upcoming several years.
According to Petronas, the industry was optimistic about economic recovery, but remained cautious and had to brace for oil price volatility.
“The path towards sustained oil demand recovery remains fragile and uncertain due to the emergence of new COVID-19 variants that trigger fresh waves of lockdowns,” Malaysia’s state energy firm said in its activity outlook report for 2022-2024.
After 2024, Petronas projects a positive outlook for drill rig activity and a steady outlook for fabrication of fixed structures and subsea facilities.
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