{
  "id": 5060476,
  "title": "O&G sector must treat volatility as ‘new norm’, says Petronas CEO",
  "url": "https://urgent.news/2026/09/02/o-g-sector-must-treat-volatility-as-new-norm-says-petronas-ceo-5060476",
  "topic": "world",
  "section": "World",
  "published": "2026-09-02T09:13:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/nation/2026/09/02/o-g-sector-must-treat-volatility-as-new-norm-says-petronas-ceo"
  },
  "original_language": "en",
  "account": "Oil and gas sector must accept energy volatility as the new normal, asserts Petronas CEO Tengku Muhammad Taufik Aziz. During the opening of Oil and Gas Asia (OGA) 2026, Tengku Taufik emphasized that global oil production and trade patterns are unlikely to revert to normal before 2027. He cited disruptions in 2008, 2014 and 2020 as proof that volatility has become an inherent part of the market, rather than isolated crises. Despite the ongoing disruptions, Tengku Taufik stated that long-term energy demand remains robust, particularly in Asia. Natural gas demand in the Asia-Pacific region is projected to increase by around 4% this year, constituting nearly half of the total global gas demand growth. Oil demand in Southeast Asia has already reached about five million barrels a day, even as regional production declines and reliance on imports grows. Tengku Taufik stressed that hydrocarbons will continue to play a crucial role in the global energy mix, despite the ongoing energy transition. He clarified that hydrocarbons are not yet obsolete and will remain vital in transport, industrial activities, and the materials and infrastructure necessary for the transition itself.",
  "summary": "Tengku Muhammad Taufik Aziz says normal production and trade patterns are not expected to return until 2027.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}