KUALA LUMPUR: Malaysia’s energy supply remains secure despite global uncertainties stemming from the Middle East conflict, says Prime Minister Datuk Seri Anwar Ibrahim.
“God willing, it is sufficient,” the Prime Minister said briefly when met after Friday prayers at the Al-Muttaqin Mosque on Friday (May 22).
Earlier, Deputy Prime Minister Datuk Seri Fadillah Yusof said the government is working to ensure the country’s energy supply security can be extended until December amid the global supply crisis that has disrupted economic chains and increased energy costs.
Fadillah, who is also Energy Transition and Water Transformation Minister, said the country’s energy supply is currently expected to be sufficient until July, and efforts are being intensified to extend this, including sourcing additional supplies from abroad.
He also said that PETRONAS is working tirelessly to secure available supplies, including sourcing them from Africa.
On Tuesday, Economy Minister Akmal Nasrullah Mohd Nasir said the impact of the global supply crisis is expected to become more significant in the third quarter of this year, particularly on price stability, industrial operating costs and the labour market.
Akmal said this was because the impact of the global crisis in the previous quarter had remained limited, supported by strong gross domestic product (GDP) growth and overall resilient domestic economic performance.
He added that global energy conditions remained relatively stable, with gas prices rising only slightly while coal prices eased.
“The average price of liquefied natural gas (LNG) increased slightly by 1.7%, from US$17.41 per million BTU to US$17.71 per million BTU.
“This increase indicates that the global gas market remains under control, with sufficient inventories available across major markets worldwide.
“In the energy sector, coal prices recorded a decline of 1.3%, from US$133.19 per metric tonne to US$131.50 per metric tonne, indicating that global coal supply and demand remain balanced, particularly for the electricity generation sector in Asia,” said Akmal.
