Malaysia is looking for alternative crude oil sources as the war in Iran fuels a global energy supply squeeze, Reuters reported Wednesday, citing the country's Economy Minister Akmal Nasir.
The disruption has affected Middle Eastern-linked supply chains, with some Malaysian refineries scaling back output after constraints tied to the Strait of Hormuz. Any new imports, however, must be compatible with the country's refinery systems, the news agency said.
Akmal said options under consideration include suppliers from Africa, Russia and Turkey. He added that current reserves are sufficient until end-July, while cautioning against locking in long-term deals amid unstable oil prices, Reuters said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)