Malaysia says current oil and gas prices are not sustainable

"The prices where they are, are not sustainable," said Tengku Taufik, CEO of Malaysia state-owned oil company Petronas.Tengku Muhammad Taufik, president and chief executive officer of Petroliam Nasional (Petronas), speaks during the 2022 CERAWeek by S&P Global conference in Houston, Texas, U.S., on Monday, March 7, 2022. CERAWeek returned in-person to Houston celebrating its 40th anniversary with the theme, 'Pace of Change: Energy, Climate, and Innovation.'

HOUSTON: Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday.

Global oil futures hit as much as $139 a barrel this week as gasoline, diesel and power prices to multi-year highs. The surges come as oil buyers shun cargoes from the world's No. 2 oil exporter, Russia, over its invasion of Ukraine, exacerbating existing shortages of oil and natural gas.