KUALA LUMPUR – Petroliam Nasional Bhd (Petronas) says the country has a degree of structural resilience to external shocks arising from the ongoing US-Iran conflict.
The national oil company said that for Malaysia, the impact is real and not straightforward.
As a net energy exporter, the country produces roughly two million barrels of oil equivalent per day, about three-quarters gas and one-quarter oil, Petronas said.
“However, Malaysia is also deeply integrated into global energy markets, which means disruptions of this scale transmit quickly through import costs, shipping and insurance rates, supply chain pressures and fuel subsidy commitments,” it told Bernama here today.
Petronas has activated a range of concrete continuity measures, which include, among others, directing Malaysian crude primarily to local refineries to maximise domestic fuel production.
Apart from that, it has also secured additional sources of crude supply from West Africa and Latin America to reduce dependence on any single shipping route and is preparing the Petronas Refinery Chemical refinery in Pengerang to help balance gasoline and jet fuel demand as crude oil feedstock becomes available.
“Petronas is working in close coordination with the government and other industry players to monitor the evolving situation and protect Malaysia’s energy security.
“Scenario-based planning and contingency measures have been activated. The priority is clear: ensuring stable and sufficient fuel supply for Malaysia, even as global conditions remain volatile and uncertain,” said the company.
At current consumption rates, domestic fuel supply availability is secured through end-May 2026, with coordinated mitigation measures already in place to support supply continuity from June onwards.
Petronas also said Malaysia’s approach prioritises meeting domestic energy needs first, underpinned by maximising local crude oil production while diversifying crude sourcing, flexible logistics arrangements, and refinery optimisation focused on essential fuels — petrol, diesel, jet fuel and liquefied petroleum gas (LPG).
Therefore, Malaysians — households and businesses alike — are urged to avoid any panic buying or hoarding of fuel, even as they should use energy responsibly, reduce non-essential consumption and treat prudence as a practical contribution to national resilience, it said.
“In a period of genuine global uncertainty, responsible energy use is not a small thing. It is part of the solution,” said the company.
Petronas also gave assurance that it is not approaching this situation with complacency, with measures being taken reflecting a genuine assessment of the risks involved.
Yesterday, Prime Minister Datuk Seri Anwar Ibrahim gave assurance that Malaysia’s oil supply remains under control, although the conflict in West Asia could potentially affect the global energy market.
He said the supply of petroleum products in the country is sufficient at least until May 2026.
Anwar also said that the government is continuously monitoring the latest developments and striving to protect the interests of Malaysians, ensure the stability of the national economy, and support all efforts towards peace and a diplomatic resolution to the ongoing conflict. – March 12, 2026