Overview

Crude oil and condensate production totalled 43.0 million barrels, declining by 5.5 per cent in the first quarter of 2026

Crude oil and condensate recorded a total of 43.0 million barrels in the first quarter of 2026. Crude oil and condensate production recorded a year-on-year decline of 5.5 per cent in the first quarter of 2026, with production amounting to 43.0 million barrels compared to 45.5 million barrels in the same period of the previous year. This decline was influenced by Crude oil production, which continued to register a contraction of 9.4 per cent, with production decreasing to 28.1 million barrels compared to 31.5 million barrels recorded previously. Nevertheless, Condensate production showed a growth of 3.0 per cent to 14.9 million barrels compared to 14.4 million barrels in the first quarter of 2025. In terms of composition, Crude oil contributed 65.4 per cent of the total Crude oil and condensate production, while Condensate accounted for 34.6 per cent. Meanwhile, Natural gas recorded a production of 765.8 billion cubic feet, a declining by 2.1 per cent compared to a negative 1.0 per cent in the previous quarter. Nevertheless, monthly movements during the first quarter of 2026 showed a higher rate of change in March compared to the preceding two months.

The Weighted Average Lifting Price (WALP) for Crude oil and condensate in Malaysia surged to USD84.0 per barrel in the first quarter of 2026 (Q4 2025: USD66.1 per barrel). This increase is in line with the upward global trend in WTI and Brent prices, which rose to USD72.0 per barrel (Q4 2025: USD59.6 per barrel) and USD80.2 per barrel (Q4 2025: USD63.6 per barrel), respectively.

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