Malaysia’s hunt for Russian oil tests Anwar’s ‘friends with all’ policy
Sourcing crude from Moscow to counter Middle East supply shocks risks drawing a backlash from the West
On Thursday, oil prices rose again after Iran declared the Strait of Hormuz closed, 103 days after the US-Israel war with Iran began on February 28. Washington has signalled it wants sanction waivers over Russian oil to end “as soon as possible”.
“We need to look at whether our facilities are ready to process these supplies. Crude oil from different regions has different characteristics,” Akmal told local reporters.
“It is not just about sourcing from everywhere, but ensuring the supply is suitable for our facilities,” he said, noting that state energy firm Petronas would play a key role in assessing whether domestic refineries could handle crude from different origins.
Akmal said Malaysia had secured enough fuel supply until the end of July and rejected suggestions of a looming shortage.
The government was wary of locking itself into long-term deals while global prices remained volatile, with the next update on supply security expected by the end of June, he added.