Fuel supply stable, oil prices may remain high for 2-3 years, says economist
Nurhisham Hussein, the prime minister's adviser, says Petronas is confident of having enough supply until the end of the year.
Economic adviser Nurhisham Hussein stated that high oil prices will persist for the next two to three years due to geopolitical tensions in West Asia and disruptions to shipping routes. Malaysia's fuel supply remains stable, according to Hussein, who assured that the government has confidence in securing sufficient supplies until the end of the year.
Petronas, the national oil company, is also confident about meeting the country's needs through the end of the year, he revealed during a media briefing on the global supply crisis. Hussein emphasized that the global fuel situation remains fluid, with risks skewing towards higher prices. He explained that countries will gradually rebuild their oil reserves only when prices drop to around US$80 per barrel, which could extend the elevated oil prices for the next two to three years.
Despite the open Suez Canal and Bab-el-Mandeb, the depletion of reserves could introduce additional uncertainty into the global energy market.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Fuel supply stable, oil prices may remain high for 2-3 years, says economist freemalaysiatoday.com
