Petronas: Recovery outlook in 2022 to remain fragile, uncertain

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) expects the path towards sustained demand recovery to remain fragile and uncertain next year as the oil market adjusts to both short and long-term landscapes, driven by the resumption of economic activities amid the COVID-19 pandemic.

Vice-president of group procurement Freida Amat said while the accelerated energy transition will create further challenges to the traditional oil and gas business, industry players must be innovative and remain cost-competitive to ensure projects and production remain feasible in the uncertain economic climate for the sustainability of the industry.