Tag: Crude oil

Government Seeks to Shield Households From Global Fuel Price Hikes – Anwar

MELAKA, Oct 24 — The Malaysian government is prepared to absorb fuel subsidy costs of up to RM45 billion annually amid surging global crude oil prices, rather than pass the burden on to consumers through higher petrol prices, Prime Minister Datuk Seri Anwar Ibrahim said. He said the government remained committed to maintaining the price of […]

Crude oil, condensate production drops 5.5 percent to 43 million barrels – DOSM

KUALA LUMPUR,JUNE 5 -- Crude oil and condensate production recorded a year-on-year decrease of 5.5 percent to 43 million barrels in the first quarter of 2026 (Q1 2026) compared to 45.5 million barrels for the same period last year. Chief Statistician Datuk Seri Mohd Uzir Mahidin said the decline was due to a reduction in crude oil production, which contracted by 9.4 percent to 28.1 million barrels from 31.5 million barrels previously. "However, condensate production showed growth of 3.0 percent to 14.9 million barrels compared to 14.4 million barrels in the first quarter of 2025," he said in a statement today. The Department of Statistics Malaysia (DOSM) today released Petroleum and Natural Gas Mining Statistics for the First Quarter of 2026. In terms of composition, crude oil accounted for 65.4 percent of total condensate and crude oil production, while condensate accounted for 34.6 percent. Meanwhile, natural gas recorded production of 765.8 billion cubic feet, a decrease of 2.1 percent compared to a decrease of 1.0 percent in the previous quarter. However, monthly performance for the first quarter of 2026 showed a higher rate of change in March compared to the previous two months. Regarding foreign trade performance, Mohd Uzir said the export value of crude petroleum and condensate declined to RM5.2 billion in the first quarter of 2026, down from RM6.1 billion in the previous quarter. This decline is in line with refined petroleum production exports, which recorded a marginal decrease to RM22.9 billion compared to RM23.9 billion in the previous quarter. At the same time, liquefied natural gas (LNG) exports also recorded a decrease to RM12.9 billion this quarter compared to RM13.6 billion in the previous quarter. Regarding imports of crude petroleum and condensate, Mohd Uzir said it recorded a decrease to RM7.3 billion in the first quarter of 2026 compared to RM11.5 billion in the previous quarter. Imports of refined petroleum products also recorded a decline to RM22.3 billion compared to RM22.8 billion in the fourth quarter of 2025. "Meanwhile, LNG imports also decreased to RM1.3 billion compared to RM1.6 billion recorded in the previous quarter," added Mohd Uzir. -- BERNAMA

KUALA LUMPUR,JUNE 5 — Crude oil and condensate production recorded a year-on-year decrease of 5.5 percent to 43 million barrels in the first quarter of 2026 (Q1 2026) compared to 45.5 million barrels for the same period last year. Chief Statistician Datuk Seri Mohd Uzir Mahidin said the decline was due to a reduction in […]