{
  "id": 5465165,
  "title": "Kejutan kedua lebih mahal mungkin berlaku apabila penampan minyak susut",
  "url": "https://urgent.news/2026/09/04/kejutan-kedua-lebih-mahal-mungkin-berlaku-apabila-penampan-minyak",
  "topic": "world",
  "section": "World",
  "published": "2026-09-04T01:00:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/bahasa/tempatan/2026/09/04/kejutan-kedua-lebih-mahal-mungkin-berlaku-apabila-penampan-minyak-susut"
  },
  "original_language": "en",
  "account": "Malaysia faces the risk of a second, more costly energy shock later this year if a second disruption to global oil supplies occurs, according to Petronas analyst Jamil Ghani. With the global supply of oil storage space for absorbing the first shock becoming increasingly tight, the cushion for a second shock is diminishing. Petronas has been using more resources to safeguard national energy supply, including acquiring alternative energy resources and strengthening infrastructure. If a colder than usual winter, higher seasonal demand, and a second supply shock all occur simultaneously, prices could surge dramatically due to dwindling reserves available to absorb the impact. While there is a real risk of a second shock, Ghani does not consider it likely at this stage, as a significant portion of the initial shock-absorbing stock has already been used. The main concern is that the stock used to absorb the first shock is now depleted. The pressure on supply could also increase as major consumers, like China, return to the market for new supplies. For example, China reportedly holds around 1.49 billion tonnes of strategic oil reserves as of the second half of 2026, but its reserves are not yet depleted, and pressures could begin to build even before stock runs out. When countries reduce production from reserves, they must purchase more supplies at the same time, creating additional demand alongside normal usage. This could put further downward pressure on prices and increase competition for crude oil, refined products, tankers, and shipping slots, all of which would lead to higher costs to ensure supply. Petronas faces tighter financial constraints as it enters the second half of the year, having already used more resources to safeguard Malaysia's energy supply, such as diversifying fuel supplies and acquiring alternative LNG resources when the Strait of Hormuz issue arose. In addition to committing to new infrastructure to strengthen the country's ability to handle future disruptions, Petronas has also purchased stakes in Saudi Aramco's Pengerang Refining Company and Petrochemical Company to bolster Malaysia's energy security. The company has also signed a deal with QatarEnergy to take two million tonnes of LNG per year starting in 2028, further strengthening Malaysia's long-term supply. These measures boost the country's supply resilience but also tie up more cash in operations, inventories, working capital, and investments. Petronas recorded RM47.5 billion in operating cash flow for the first six months of the year, slightly lower than the same period last year due to outflows from working capital. The balance sheet also shows higher debt and inventory, as well as lower cash and cash equivalents. This means higher energy prices cannot be seen as an easy profit for Petronas, which uses large sums of money to ensure supply during crises, even though there is no specific figure showing the total cost. Ensuring energy security remains costly even when there is no real shortage. Petronas must fund alternative resources, higher logistics costs, inventories, and working capital while continuing to invest in production and infrastructure.",
  "summary": "Penganalisis kata inventori global lebih rendah, kemungkinan pembeli utama kembali ke pasaran, dan komitmen kewangan untuk menjamin bekalan boleh mengehadkan ruang Malaysia menyerap gangguan baharu.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "Kejutan kedua lebih mahal mungkin berlaku apabila penampan minyak susut",
        "url": "https://urgent.news/2026/09/04/kejutan-kedua-lebih-mahal-mungkin-berlaku-apabila-penampan-minyak-5467544",
        "published": "2026-09-04T01:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}