Kuala lumpur: Petroliam Nasional Bhd (Petronas) reports that while Malaysia exhibits structural resilience to external shocks from the ongoing US-Iran conflict, the nation cannot fully shield itself from the repercussions. The national oil company acknowledges that the impact on Malaysia is significant and complex.
According to BERNAMA News Agency, Malaysia, as a net energy exporter, produces approximately two million barrels of oil equivalent per day, with the majority being gas and a quarter oil. However, Malaysia's deep integration into global energy markets means disruptions in such scale swiftly affect import costs, shipping, insurance rates, supply chain pressures, and fuel subsidy commitments.
Petronas has enacted concrete continuity measures, including prioritizing Malaysian crude for local refineries to enhance domestic fuel production. The company has also secured additional crude supplies from West Africa and Latin America to mitigate reliance on a single shipping route and is preparing the Pengerang refinery to balance gasoline and jet fuel demand as crude oil feedstock becomes available.
Petronas is actively coordinating with the government and industry players to monitor the evolving situation and safeguard Malaysia's energy security. Scenario-based planning and contingency measures have been initiated to ensure a stable and sufficient fuel supply for Malaysia, even amid volatile global conditions.
Current consumption rates secure domestic fuel supply availability through the end of May 2026, with mitigation strategies in place to maintain supply continuity from June onwards. Malaysia's approach focuses on meeting domestic energy needs first, emphasizing local crude oil production, diversifying crude sourcing, optimizing logistics, and refining essential fuels like petrol, diesel, jet fuel, and LPG.
Malaysians are urged to avoid panic buying or fuel hoarding, and instead, use energy responsibly, reduce non-essential consumption, and treat prudence as a practical contribution to national resilience. Responsible energy use is emphasized as a crucial part of the solution during this period of global uncertainty.
Petronas assures that it is not complacent, with measures reflecting a thorough risk assessment. Prime Minister Datuk Seri Anwar Ibrahim also reassured that Malaysia's oil supply remains under control despite the potential global energy market impact from the West Asia conflict. The government is committed to continuously monitoring developments, protecting Malaysian interests, stabilizing the national economy, and supporting efforts toward peace and diplomatic resolutions.