Malaysia is assessing new crude oil supply sources, including Russia and Türkiye, as the government seeks to strengthen energy security amid heightened geopolitical and market uncertainties.
Economy Minister Datuk Seri Akmal Nasrullah Mohd Nasir said technical evaluations are underway to determine whether crude oil from prospective suppliers can be processed using the country’s existing refining infrastructure.
He noted that crude oil varies in composition depending on its origin, making compatibility with local facilities a critical factor in any procurement decision.
The minister said Malaysia’s current oil supply is secured until the end of July, with further announcements on supply arrangements beyond that period expected by the end of this month.
Akmal Nasrullah stressed that the government remains cautious about entering lengthy procurement contracts while global oil prices remain volatile, preferring flexibility to manage costs and respond to changing market conditions.
