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Malaysia’s Petronas Sees Oil Demand Fragile Until 2024

After 2024, Petronas said it foresees a positive outlook for drilling rigs activity while continuing to enhance and upgrade capability

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Petronas
Petronas said the scope of the agreement includes exploring the provision of decarbonisation service to Shell’s local and cross-border facilities, as well as to other potential regional customers. Photo: Reuters

 

Malaysia’s state energy firm Petronas said on Tuesday that it anticipates the recovery in oil demand from the impact of the coronavirus pandemic to remain fragile and uncertain in the next few years.

In its activity outlook report for 2022-2024, released on Tuesday, Petronas said, “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.”

It said industry players were optimistic about economic recovery but remained cautious.

“The smarter approach would be to strengthen efforts collectively and be ready to face oil price volatility,” it said.

After 2024, Petronas said it foresees a positive outlook for drilling rigs activity while continuing to enhance and upgrade capability.

It also expects a steady outlook for fabrication of fixed structures and subsea facilities as it continues efforts to monetise its oil and gas resources.

Liquefied natural gas spot prices were expected to be volatile in the coming years due to weather patterns and potential policy changes that can alter supply-demand dynamics, it said.

 

  • Reuters with additional editing by Kevin Hamlin

 

 

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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