Kuala lumpur: Crude oil and condensate production experienced a 5.5 percent year-on-year decline, totaling 43 million barrels in the first quarter of 2026, compared to 45.5 million barrels in the same period last year.
According to BERNAMA News Agency, Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin explained that the decrease was primarily due to a reduction in crude oil production, which fell by 9.4 percent to 28.1 million barrels from 31.5 million barrels previously. Despite this, condensate production exhibited a growth of 3.0 percent, reaching 14.9 million barrels compared to 14.4 million barrels in the first quarter of 2025.
The Department of Statistics Malaysia (DOSM) released its Mining of Petroleum and Natural Gas Statistics for the First Quarter of 2026, highlighting that crude oil contributed 65.4 percent to the total production, while condensate accounted for 34.6 percent. Natural gas production recorded 765.8 billion cubic feet, marking a 2.1 percent decline, compared to a 1.0 percent decline in the previous quarter. Notably, the monthly movements showed a higher rate of change in March compared to the earlier months.
In terms of external trade, Mohd Uzir noted a decrease in the export value of crude oil and condensate, which fell to RM5.2 billion in the first quarter of 2026 from RM6.1 billion in the previous quarter. This decline was consistent with exports of refined petroleum products, which decreased marginally to RM22.9 billion compared to RM23.9 billion in the preceding quarter. Exports of liquefied natural gas (LNG) also saw a decline, reaching RM12.9 billion this quarter compared to RM13.6 billion in the previous quarter.
Imports followed a similar trend, with crude oil and condensate imports decreasing to RM7.3 billion in 1Q 2026, down from RM11.5 billion recorded in the previous quarter. Imports of refined petroleum products registered a decrease to RM22.3 billion compared to RM22.8 billion in the fourth quarter of 2025. Additionally, imports of LNG decreased to RM1.3 billion, compared to RM1.6 billion recorded in the preceding quarter, as Mohd Uzir outlined.