In 2024, Malaysia produced approximately ******* barrels of oil per day, a decrease from ******* barrels of daily oil production capacity in 2023. Although the amount of oil production in the country has been declining since 2020, Malaysia was still the fourth biggest oil producer among countries in the Asia Pacific and the second biggest in Southeast Asia after Indonesia. A decrease in oil consumption during the pandemic The oil industry in Malaysia faced a considerable challenge during the COVID-19 pandemic, with a decrease in overall oil consumption by more than ******* barrels per day in 2020. Moreover, because of the government-imposed movement control order (MCO), which lasted until the end of 2021, people also consumed less gasoline than before the pandemic. Although industry players remained cautious, demand was expected to pick up with the end of the MCO, and most business activities have resumed to normal. Lower oil price but outlook remains positive The brent oil price peaked in September 2023 at ***** U.S. dollars and decreased to ***** U.S. dollars per barrel as of the second week of November 2024. This could have an impact on the oil industry in Malaysia. Nevertheless, the state-owned oil and gas company, Petronas, planned to focus on its upstream sector and continue its exploration initiatives to expand the industry.

Key information about Malaysia Crude Oil: Production

• Malaysia Crude Oil: Production was reported at 341.459 Barrel/Day th in Dec 2024
• This records a decrease from the previous number of 372.792 Barrel/Day th for Dec 2023
• Malaysia Crude Oil: Production data is updated yearly, averaging 588.622 Barrel/Day th from Dec 1960 to 2024, with 65 observations
• The data reached an all-time high of 638.165 Barrel/Day th in 1995 and a record low of 0.000 Barrel/Day th in 1979
• Malaysia Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

Crude Oil Production in Malaysia remained unchanged at 491 BBL/D/1K in July. This dataset provides the latest reported value for - Malaysia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

China was the largest producer of oil in the Asia-Pacific region, producing over ************ barrels per day in 2024. In the same year, India produced around ******* barrels per day. Regional consumption trends Oil remains the most consumed primary energy source, with the Asia-Pacific region accounting for about ** percent of global oil demand. In 2024, APAC’s oil consumption reached approximately ***** million barrels per day, up from ***** million barrels in 2023. China is the largest oil consumer in the region, with consumption standing at over ***** million barrels per day, followed by India at **** million barrels. These figures underscore the massive energy demand of the region’s two most populous nations and their significant influence on global oil markets. Where does China get its oil from? In 2024, China imported around ** million barrels per day of crude oil and about *** million barrels per day of refined oil products, making it the largest oil importer among countries worldwide. With limited domestic reserves, oil imports account for roughly ************** of China’s oil consumption. China’s major crude oil suppliers include Russia, Malaysia, and several Middle Eastern countries. Russia remains China’s largest crude oil supplier, accounting for about ** percent of China’s crude oil imports in 2024, followed by Saudi Arabia.

Key information about Malaysia Crude Oil: Exports

• Malaysia Crude Oil: Exports was reported at 210.750 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 203.333 Barrel/Day th for Dec 2022
• Malaysia Crude Oil: Exports data is updated yearly, averaging 366.138 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 472.955 Barrel/Day th in 1991 and a record low of 203.333 Barrel/Day th in 2022
• Malaysia Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

As of the end of 2021, Sarawak in East Malaysia had approximately *** billion barrels worth of crude oil and condensates reserves left, a slight increase compared to the previous year. In total, the production of fuel oil in the country amounted to more than *********** metric tons.

.BP.OIL: Oil: Consumption

Malaysia Production: Crude Oil data was reported at 647,855.616 Barrel/Day in 2017. This records a decrease from the previous number of 666,534.153 Barrel/Day for 2016. Malaysia Production: Crude Oil data is updated yearly, averaging 622,468.000 Barrel/Day from Dec 1971 (Median) to 2017, with 47 observations. The data reached an all-time high of 762,318.306 Barrel/Day in 2004 and a record low of 68,687.000 Barrel/Day in 1971. Malaysia Production: Crude Oil data remains active status in CEIC and is reported by Bank Negara Malaysia. The data is categorized under Global Database’s Malaysia – Table MY.B018: Production by Commodity (Annual).

Malaisie: Oil production, thousand barrels per day: Pour cet indicateur, The U.S. Energy Information Agency fournit des données pour la Malaisie de 1984 à 2023. La valeur moyenne pour Malaisie pendant cette période était de 630.55 thousand Barrels Per Day avec un minimum de 453.4 thousand Barrels Per Day en 1984 et un maximum de 797.59 thousand Barrels Per Day en 2003.

Palm Oil rose to 4,134 MYR/T on December 2, 2025, up 1.00% from the previous day. Over the past month, Palm Oil's price has risen 0.46%, but it is still 18.56% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on December of 2025.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Minyak Mentah: Produksi Malaysia dilaporkan sebesar 341.459 Barrel/Day th pada 2024. Rekor ini turun dibanding sebelumnya yaitu 372.792 Barrel/Day th untuk 2023. Data Minyak Mentah: Produksi Malaysia diperbarui tahunan, dengan rata-rata 588.622 Barrel/Day th dari 1960 sampai 2024, dengan 65 observasi. Data ini mencapai angka tertinggi sebesar 638.165 Barrel/Day th pada 1995 dan rekor terendah sebesar 0.000 Barrel/Day th pada 1979. Data Minyak Mentah: Produksi Malaysia tetap berstatus aktif di CEIC dan dilaporkan oleh Organization of the Petroleum Exporting Countries. Data dikategorikan dalam Association: Energy Sector World Trend Plus – Table RB.OPEC.CO: Crude Oil Production: Yearly.

In 2023/24, palm oil consumption amounted to around 75 million metric tons worldwide. That figure is projected to increase to approximately 78 million metric tons during 2024/25. Consumption of palm oil worldwide Palm oil is an edible vegetable oil commonly used for food products, detergents, and cosmetics. In the United States, palm oil consumption amounts to approximately 1.7 million metric tons annually. In comparison, palm oil consumption in the European Union is about three times as high. Nonetheless, palm oil consumption in the European Union has dropped significantly during the last two years. After constantly being close to 6.6 million metric tons between 2015 and 2020, consumption levels dropped to five million in 2021 and has not increased much since. Palm oil consumption in Indonesia is almost 20 million metric tons, which is significantly more than in any other country in the world. Indonesia’s palm oil consumption has nearly tripled during the last decade. Palm oil in China China's total imports of palm oil amount to approximately 7.2 million tons per year. More than half of those are imported from Indonesia, the leading palm oil producer worldwide. Furthermore, China's imports of palm oil from Malaysia amount to about 1.7 million metric tons, which is slightly less than a quarter of the total palm oil imports. In 2022, China’s total consumption of palm oil amounted to about 6.7 million metric tons. China’s palm oil consumption saw a noticeable increase in 2018. That year, consumption levels increased by almost two million metric tons, from 5.1 to seven million metric tons. Chinese palm oil consumption has remained at a similar level ever since, except during the pandemic year of 2021.

Asia-Pacific Oil Country Tubular Goods Market size was valued at USD 3.50 Billion in 2023 and is projected to reach USD 6.53 Billion by 2031, growing at a CAGR of 8.1% from 2024 to 2031.

Key Market Drivers: Growing Energy Demand in Asia-Pacific Region: The rapid industrialization and urbanization across Asia-Pacific is driving unprecedented energy demand, particularly in countries like China and India. According to the International Energy Agency (IEA), the Asia-Pacific region will account for nearly 60% of global energy consumption by 2040. China’s oil demand alone is expected to reach 15.7 million barrels per day by 2025, fueling the need for enhanced oil exploration and production activities, consequently boosting the OCTG market. Increasing Offshore Drilling Activities: The shift toward offshore drilling in the Asia-Pacific region, particularly in countries like Malaysia, Indonesia, and Vietnam, is driving the OCTG market growth.

In the marketing year 2025, ******** was the most used cooking oil in India, with its domestic consumption surpassing ************* metric tons. It was followed by soybean and rapeseed oils, with their respective consumption volumes reaching *** and *** million metric tons. Production of edible oils India produces a wide range of edible oils like palm, soybean, mustard, sunflower, and groundnut, that match its diverse food cultures and agricultural practices. Mustard oil is popular in the northern and eastern regions, while the southern part of India prefers coconut oil. Additionally, the country is also seeing an increase in soybean oil production, catering to both domestic needs and increasing demand from the international market. Import of edible oils India's reliance on imported edible oils is a crucial aspect of its food economy, driven by the gap between domestic production and consumption demands. The country is one of the largest importers of edible oils globally, importing over ** million metric tons, with palm and soybean oils constituting the bulk of imports. Indonesia and Malaysia emerged as the top exporters of edible oil to India in the financial year 2023. The country also plans to continue importing edible oils at lower duty rates until 2025, to keep the food inflation in check.

TH Plantations Bhd (THP) is planning to construct the Bintulu palm oil refinery project in Sarawak, Malaysia.The project involves the construction of a palm oil refinery with capacity to process 1,500 tons per day (TPD) of fresh fruit bunches It includes the construction of a laboratory, a production unit, an administrative office, a distribution unit, warehouses and parking facilities and the installation of safety systems. Read More

Malaysia Energy Balance: Secondary: Total Oil Products: Refinery Output data was reported at 0.000 Barrel/Day th in Jan 2025. This records a decrease from the previous number of 688.420 Barrel/Day th for Dec 2024. Malaysia Energy Balance: Secondary: Total Oil Products: Refinery Output data is updated monthly, averaging 639.870 Barrel/Day th from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 944.667 Barrel/Day th in Jun 2024 and a record low of 0.000 Barrel/Day th in Jan 2025. Malaysia Energy Balance: Secondary: Total Oil Products: Refinery Output data remains active status in CEIC and is reported by Joint Organisations Data Initiative. The data is categorized under Global Database’s Malaysia – Table MY.JODI.WDB: Energy Balance: Oil. Sum of LPG, Naphtha, Motor and aviation gasoline, Kerosenes, Gas/Diesel Oil, Fuel oil, and Other oil products.; Refinery Output of Finished Products only Refinery output: Gross output (including refinery fuel).