Kuala Lumpur (VNA) - Malaysia has a relatively sufficient crude oil supply compared with other ASEAN countries, according to the national oil and gas company Petroliam Nasional Bhd (Petronas).
Petronas President and CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that almost 40% of Malaysia's crude oil imports pass through the Strait of Hormuz, compared with nearly 90% for other ASEAN nations that rely on the route.
Malaysia, as a consumer market, cannot be fully insulated from rising oil prices. Tengku Muhammad Taufik said that Malaysia's domestic crude oil production has been gradually declining as its mature fields undergo natural depletion. Malaysia produced more than 700,000 barrels per day in the 1990s and early 2000s, but current domestic crude output is estimated to be around 350,000 barrels per day. At the same time, Petronas' refining system requires about 700,000 barrels per day to meet domestic fuel demand, creating a structural gap that must be filled through imports.
Petronas expects Malaysia’s fuel supply to remain sufficient at least until the end of May and has taken proactive measures to ensure nationwide availability.
The Malaysian Government continues to maintain subsidies for petrol and diesel, while urging consumers to use fuel efficiently./.
VNA
