Malaysia's Fuel Supply Stays Stable Amid Global Oil Crisis
The global oil supply crisis has led to concerns about high fuel prices, but Malaysia's Prime Minister's economic adviser Nurhisham Hussein says the country's fuel supply remains stable.
Nurhisham pointed out that despite geopolitical tensions in West Asia and disruptions to key shipping routes, Petronas is confident it can secure sufficient fuel supplies until the end of the year.
The global fuel situation has been fluid, with risks skewed towards higher prices due to ongoing conflicts between the US and Iran. Nurhisham warned that oil prices may remain elevated for 2-3 years due to countries rebuilding their reserves only when prices return to reasonable levels around $80 per barrel.
Nurhisham also noted that despite threats, the Suez Canal and Bab-el-Mandeb have remained open, which has helped mitigate the crisis. However, he cautioned that the depletion of reserves would eventually remove one source of supply, adding uncertainty to the global energy market.