Crude oil and condensate output reaches 43 million tons

Malaysia's production of crude oil and condensate experienced a year-on-year decline of 5.5% in the first quarter of 2026, reaching a total of 43 million tons. This is a decrease from the 45.5 million tons recorded during the same period in the previous year, according to Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin.

The drop was primarily influenced by a 9.4% contraction in crude oil production, which fell to 28.1 million tons from 31.5 million tons. However, condensate production showed a positive trend, growing by 3.0% to 14.9 million tons, up from 14.4 million tons in the first quarter of 2025. Crude oil constituted 65.4% of the total production, with condensate making up the remaining 34.6%.

Natural gas production also saw a slight decrease of 2.1%, recording 765.8 billion cubic feet. Monthly performance throughout the quarter indicated a higher rate of change in March compared to the preceding two months.

Meanwhile, the Weighted Average Lifting Price (WALP) for crude oil and condensate in Malaysia surged to US$84.0 per ton in Q1 2026, an increase from US$66.1 per ton in the fourth quarter of 2025. This rise aligns with global trends in WTI and Brent crude prices. Despite the increase in price per ton, the total value of exports for crude oil and condensate decreased to RM5.2 billion in the first quarter of 2026, compared to RM6.1 billion in the prior year. Exports of refined petroleum products and liquefied natural gas (LNG) also saw marginal reductions.