Malaysia still exposed to oil price swings despite LNG strength – Kenanga Research

However, Malaysia's fiscal position remains exposed to refined product prices through subsidies, while its trade position shows a crude oil deficit but a liquefied natural gas (LNG) surplus.

"Malaysia is a net oil importer, but LNG is what makes Malaysia's energy balance positive. In 2025, Malaysia ran a RM30.4 billion deficit in crude and condensate and only a RM3.2 billion surplus in refined products, resulting in a combined petroleum deficit of RM27.2 billion.

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