08/07/2026 12:31 AM

Govt Will Ensure Sufficient Petroleum Levels From July To December 2026

 

KUALA LUMPUR, July 7 (Bernama) -- The government will continue to ensure there are secure and sufficient levels of petroleum from July 2026 to December 2026, according to the Economy Ministry.

It said the country's oil and fuel supplies remained stable and sufficient to meet domestic demand as of June 2026, following the government's proactive measures implemented in phases since disruptions began in the Strait of Hormuz on Feb 28, 2026.

"Brent crude oil prices, which peaked at US$144.50 per barrel in early April 2026, declined to US$99.29 per barrel between June 1 and 5, 2026, reflecting increasingly positive market sentiment following progress in peace negotiations.

"The government is, however, not taking the situation lightly, as physical supply constraints and declining global inventories persist," it said in a written reply on the Dewan Rakyat website today.

The ministry was responding to a question from Datuk Seri Hamzah Zainudin (PN-Larut) on the current status of the country's oil and fuel supply security from July 2026 to December 2026, including projections of national petroleum stocks and the government's mitigation measures in response to global geopolitical conflicts.

Supply security is being ensured via a combination of three key approaches: diversifying import sources, optimising domestic fuel production through biodiesel, and implementing long-term supply agreements.

"The government has implemented several measures to safeguard oil supply security, including diversifying petroleum supply sources, optimising domestic fuel supply through biodiesel, preventing leakages through enforcement, and carrying out data-driven monitoring," it said.

-- BERNAMA

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