Govt Working To Ensure Oil Supply Remains Secure, Stable - Amir Hamzah

KUALA LUMPUR, March 13 (Bernama) — The government is working to extend the country’s oil supply security and ensure domestic supply remains stable following the conflict in West Asia, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

He said the public should not speculate about oil supplies as this could have negative effects, especially amid the current geopolitical tensions in the region.

“What is important is that we focus on what is within our control. What is within our control is to ensure that domestic supply is sufficient,” he told reporters at a press conference after a special Cabinet meeting here today.

Amir Hamzah said as previously informed by Prime Minister Datuk Seri Anwar Ibrahim, Malaysia currently has sufficient oil supply until May.

He said the government is working to secure additional supplies.

“Efforts to obtain new supplies to replace what we use are continuously being carried out by Petroliam Nasional Bhd (Petronas) and other oil companies,” he said.

The government is focused on the issue and is prepared to intervene, he said.

“We are currently bearing a slightly higher subsidy bill, and we can sustain it,” he said.

The conflict's duration is difficult to predict. Therefore, the government is planning for the short, medium, and long term, he said.

“If the economy remains strong, it provides an opportunity for Malaysia to be more stable compared with other places,” he said.

The special Cabinet meeting was held to review the country’s fiscal position and to monitor developments in Iran following the West Asia conflict.

The West Asia crisis erupted on Feb 28 when the United States and Israel attacked Iran, prompting Iran to retaliate by attacking US interests in the region.

Iran requires oil tankers using the Strait of Hormuz — a key global energy route — to obtain approval and has pledged not to allow tankers belonging to the US and its allies to pass through the strait.

— BERNAMA