Malaysia's crude oil and condensate production fell by 8.9% year-on-year to 41.8 million barrels in the third quarter of 2024 (Q324), according to the Department of Statistics Malaysia (DOSM). Crude oil output dropped significantly by 14.2%, while condensate production grew by 4.6%. Natural gas production also contracted by 2.7%, with a total of 659.3 billion cubic feet produced.

The Weighted Average Lifting Price for crude oil and condensate declined to US$82.0 per barrel, with WTI and Brent prices falling to US$76.2 and US$79.8 per barrel, respectively.

Exports of crude petroleum and condensate totalled RM8.2 billion, with Thailand remaining the top destination, followed by Japan and Australia. Refined petroleum product exports dropped to RM27.9 billion, primarily destined for Singapore, Indonesia, and Australia. LNG exports also fell to RM12.7 billion, with Japan, the Republic of Korea, and China as major markets.

Imports of crude petroleum and condensate decreased to RM14.2 billion, with Saudi Arabia, the UAE, and Qatar as key suppliers. Refined petroleum product imports fell to RM28.7 billion, while LNG imports rose to RM2.8 billion, largely from Australia.

Chief Statistician Datuk Sri Dr Mohd Uzir Mahidin highlighted the continuing impact of global market trends on Malaysia's petroleum and natural gas sectors.