Elevated Oil Prices Expected for Next Two to Three Years

Malaysia's fuel supply is currently stable despite global oil price tensions, according to economic adviser Nurhisham Hussein. The government remains confident of securing sufficient supplies through year-end.

The global fuel situation remains fluid due to geopolitical tensions and disruptions to key shipping routes, with risks skewed towards higher prices. Malaysia is a net crude oil importer but a net exporter of liquefied natural gas (LNG).

Nurhisham noted that countries will rebuild their oil reserves when prices return to reasonable levels of about USD80 a barrel, which may take two to three years.