Malaysia: The government is exploring new crude oil sources from several regions to diversify the country's energy supply amid global geopolitical uncertainty, Economy Minister Datuk Seri Akmal Nasrullah Mohd Nasir said.

According to BERNAMA News Agency, the effort requires technical evaluation because crude oil from different countries and producing regions has varying characteristics, and not all can be processed using Malaysia's existing facilities. 'Each crude oil supply from different regions has different characteristics, so an assessment must be made on whether our facilities can receive and process the supply,' Akmal Nasrullah explained.

The minister emphasized that it is not simply about sourcing oil from everywhere but ensuring that supplies from particular regions are compatible with the facilities Malaysia has. He shared this insight during a press conference after officially opening the Northern Corridor Economic Region Technology and Innovation Centre (NCER) (NTIC).

Countries currently being explored as potential new supply sources include Russia and Trkiye. Akmal Nasrullah assured that the government has secured oil supply until the end of July, with developments regarding future supply guarantees expected by the end of this month.

He noted the government's commitment to transparency by sharing the level of supply availability once matters relating to sources, costs, and supply agreements are finalized. The guarantee until the end of July should not be interpreted as indicating a difficult situation afterward, as further supply guarantees will be announced once the next procurement agreements have been finalized.

The minister added that the government aims to avoid long-term supply agreements while global oil prices remain volatile, as market changes could significantly impact the country's costs.