Petronas president and group CEO Tengku Muhammad Taufik Tengku Aziz: “While the effects of the pandemic are difficult to estimate, their impact cannot be overstated as the industry continues to face the dual impact of demand destruction combined with an oil price rout due to the supply glut."
KUALA LUMPUR: Petroliam Nasional Bhd expects the outlook for the industry to remain challenging due to the Covid-19 pandemic, oil demand destruction and an oil price rout.
In the annual Petronas Activity Outlook (PAO) for 2021-2023 issued on Thursday, president and group CEO Tengku Muhammad Taufik pointed out to the emerging fresh waves in the number of Covid-19 cases and prevailing uncertainties over Opec+ production cuts in 2021.
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