Petronas is now a net importer of fuel, says PM Anwar – April, May supply sufficient, but June is uncertain

According to prime minister Datuk Seri Anwar Ibrahim, Petronas is now a net importer of fuel and not an exporter as previously understood. As reported by Bernama, he said the situation explains why Malaysia remains exposed to global energy supply pressures despite being an oil-producing nation. “Petronas is now a net importer; we need to buy oil. Supply for April and May is sufficient, but for June it is still uncertain,” Anwar said when officiating the Perak Madani Rakyat Programme 2026 on Saturday (April 4).

The prime minister’s response comes amidst perceptions that Malaysia should not face an oil crisis in the wake of the conflict in West Asia. He added that all parties should understand the current realities and work together to find solutions to ensure the stability of the country’s energy supply.

On Friday (April 3), Bernama reported Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz as saying Malaysia has a relatively sufficient crude oil supply compared to other ASEAN countries. He pointed out that almost 40% of Malaysia’s crude oil imports pass through the Strait of Hormuz, compared with nearly 90% for other ASEAN nations that rely on the route.

Tengku Muhammad Taufik also pointed out that Malaysia’s domestic crude oil production has been gradually declining as its mature fields undergo natural depletion. In the 1990s and early 2000s, Malaysia produced over 700,000 barrels per day but current domestic crude output is estimated to be around around 350,000 barrels per day. However, Petronas refining system requires about 700,000 barrels per day to meet dosmetic fuel demand, hence the need for imports to fill the gap.

“It is not that Petronas is unaware (of the decline in crude oil production). Exploration efforts continue to be led together with contractors and investors, but what we are finding is largely natural gas. Most of it is natural gas, and Malaysia is a gas-prone region,” he said.

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