PUTRAJAYA: Malaysia’s upstream oil and natural gas segment recorded positive development in the second quarter of 2025 (Q2’25), with crude oil and condensate production amounting to 45.2 million barrels and natural gas reaching 640.9 billion cubic feet, said Department of Statistics Malaysia (DoSM).
Despite crude oil and condensate growth remaining negative, the smaller contraction compared to the previous quarter signals early signs of recovery and supports stability in the upstream oil and gas segment.
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, the improved growth was supported by a recovery in crude oil production which recorded a smaller decline, negative 2.2% compared to negative 6.5% in the previous quarter.
Meanwhile, he added production of condensate remained in negative territory, but improved to negative 1.2% from negative 2.4% in the first quarter of 2025.
However, he said the production of natural gas registered a contraction of negative by 8% (Q1’25: -2.2%) year-on-year with total production of 640.9 billion cubic feet compared to 781.9 billion cubic feet in the first quarter of 2025.
The Weighted Average Lifting Price (WALP) for crude oil and condensate in Malaysia declined to US$70.4 per barrel in the second quarter of 2025 as compared to US$76.40 per barrel in the previous quarter.
This decrease was in line with the movement of global benchmark prices, with WTI registering US$64.6 per barrel (Q1’25: US$71.80 per barrel) and Brent at US$68 per barrel (Q1’25: US$75.8).
As to the performance of external trade, Mohd Uzir said, “The export value of crude petroleum and condensate recorded RM6.3 billion in the second quarter of 2025. Australia led the exports of crude petroleum and condensate with RM1.9 billion or 29.7% of total, followed by Thailand (26.8%) and Japan (14.6%).”
Meanwhile, he added the export value of refined petroleum products declined to RM22.7 billion compared to RM24.3 billion in the previous quarter.
“Indonesia emerged as the largest recipient of refined petroleum products exports amounting to RM5 billion or 21.9%, followed by Singapore (20%) and Australia (17.2%). The export value of LNG also registered a decline to RM10.4 billion in this quarter from RM15.5 billion in the first quarter of 2025, with 35.3% exported to Japan, followed by Republic of Korea (24.5%) and China (23.4%),” said Mohd Uzir.
He said the import value of crude petroleum and condensate recorded RM12.9 billion in the second quarter of 2025 compared (Q1’25: RM13.6 billion).
“Saudi Arabia continued to dominate as the main country of origin for crude petroleum and condensate imports with 38.5%, followed by the United Arab Emirates (20%) and Sudan (7.2%). Meanwhile, the import value of refined petroleum products registered RM22 billion (Q1’25: RM23.2 billion), with Singapore remaining the largest contributor (38%), followed by China (13.5%) and the Republic of Korea (13.2%). LNG imports amounted to RM1.5 billion (Q1’25: RM1.9 billion) with 82.4% imported from Australia while the remaining 17.6% was from Trinidad and Tobago,” he added.
