Malaysia's Petronas Says COVID-19 Variants to Keep Oil Demand Uncertain

"The path toward sustained oil demand recovery remains fragile and uncertain due to the emergence of new COVID-19 variants that trigger fresh waves of lockdowns," the custodian of Malaysia's petroleum resources said.


Malaysia's state energy firm Petronas said on Dec. 28 that it anticipates recovery in oil demand from the impact of the coronavirus pandemic to remain fragile and uncertain in the next few years.

The industry was optimistic about economic recovery but remained cautious and needed to be ready to face oil price volatility, Petronas said in its activity outlook report for 2022-2024.

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