Malaysia eyeing alternative oil sources amid Mideast energy shock

Malaysia is seeking new sources of crude and refined oil supplies amid an energy crisis triggered by the war in the Middle East, Economy Minister Akmal Nasir said Wednesday.

He said Kuala Lumpur is assessing potential suppliers from regions and countries, including Russia and Türkiye, for crude oil, according to the state-run Bernama news agency.

Nasir added that the crude oil from those sources would be evaluated for compatibility with Malaysia's refining facilities.

He said the country's energy reserves are sufficient through the end of July.

Malaysia, like many other Asian countries, has been grappling with an energy crisis since the start of the war.

Regional escalation in the Middle East has continued since the US and Israel launched a joint offensive against Iran on Feb. 28, disrupting key shipping routes and energy infrastructure and pushing up prices for oil, gas and fuel, raising fears of shortages, inflation and a renewed cost-of-living crisis.

The war was paused April 8, after Pakistan mediated a ceasefire, with efforts since to find a permanent solution.