Malaysia has secured its fuel supply until the end of July, state energy firm Petronas has assured the economy ministry, as Southeast Asia is reeling from the worst supply disruption in the history of oil markets.
Malaysia’s Economy Minister Akmal Nasir told a regular briefing on Monday that one of Southeast Asia’s biggest economies has secured energy supplies through the end of July and power reserves are enough to meet the current surge in electricity demand.
“Petronas has given its assurance that the country’s oil supply stock is sufficient until the end of July 2026,” Nasir said at the briefing, as carried by local media.
Petronas had said in April that Malaysia has enough energy supply until the end of June. Now the state oil giant has extended the projection by a month as it has secured more supply in recent weeks.
Malaysia’s aviation sector is already feeling the hit from the Middle East crisis, with daily passenger flights slumping by 31.5% in April amid cancellations and re-routing of the flights away from the Middle Eastern region.
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Malaysia has reduced the subsidized fuel quotas per citizen and has implemented crisis-like measures including work from home for civil servants to save fuel.
The Asian economies were the first to be hit by the lack of supply from the Strait of Hormuz as the region depended on Middle Eastern crude, naphtha, and fuel supply for most of its demand.
Countries have scrambled for alternative supply over the past nearly three months and have launched fuel-saving measures including work-from-home options and even rationing.
Still, Malaysia’s fuel supply looks stable enough and the country currently doesn’t need to take drastic measures such as fuel rationing or restrictions on vehicle use, Prime Minister Anwar Ibrahim said last week.
“This is one of the countries where supply is still sufficient. There is no need for rationing, no need for queues, and no need to restrict vehicle usage,” the official said.
By Michael Kern for Oilprice.com
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