Kuala lumpur: The government is actively working to ensure that the country's oil supply remains secure and stable in light of the ongoing conflict in West Asia, as stated by Finance Minister II Datuk Seri Amir Hamzah Azizan. He emphasized the importance of keeping public speculation in check to avoid exacerbating any potential issues related to oil supplies, especially given the current geopolitical tensions in the region.

According to BERNAMA News Agency, Datuk Seri Amir Hamzah reiterated that the focus should be on controllable factors, primarily ensuring a stable domestic oil supply. He conveyed confidence in Malaysia's oil reserves, revealing that the country currently has enough supply to last until May, as previously communicated by Prime Minister Datuk Seri Anwar Ibrahim. The government is proactively working to secure additional oil supplies through efforts led by Petroliam Nasional Bhd (Petronas) and other associated companies.

The Finance Minister assured that the government is closely monitoring the situation and is prepared to take necessary actions to maintain supply stability. Despite the increased subsidy burden, the government is committed to sustaining it. Given the unpredictable nature of the conflict's duration, plans are being developed for short, medium, and long-term contingencies to protect the nation's economic stability.

During a special Cabinet meeting, Malaysia's fiscal position was reviewed in light of developments in Iran following the West Asia conflict. The crisis began on February 28 when the United States and Israel launched an attack on Iran, leading to Iranian retaliatory actions against US interests in the region. Notably, Iran has imposed requirements for oil tankers passing through the strategic Strait of Hormuz and has vowed to block tankers from the US and its allies.