Overview
Production of Natural gas rises 19.1 per cent to 763.5 billion cubic feet in the second quarter of 2026
Natural gas production recorded a year-on-year increase of 19.1 per cent in the second quarter of 2026, following a contraction of 2.1 per cent in the previous quarter. The increase was also reflected in the monthly performance throughout the quarter, with June recording a stronger rate of growth compared with April and May. Meanwhile, Crude oil and condensate production recorded a year-on-year decrease of 5.6 per cent, with total production amounting to 42.7 million barrels compared with 43.0 million barrels in the same quarter of the previous year. The decline was influenced by Crude oil production, which contracted by 11.7 per cent, with production amounting to 28.6 million barrels. In contrast, Condensate production increased by 9.8 per cent to 14.1 million barrels, compared with 12.8 million barrels in the second quarter of 2025. In terms of composition, Crude oil accounted for 67.0 per cent of total Crude oil and condensate production, while Condensate accounted for the remaining 33.0 per cent.
The Weighted Average Lifting Price (WALP) for Crude oil and condensate in Malaysia increased to USD114.5 per barrel in the second quarter of 2026 (Q1 2026: USD84.0 per barrel). The increase was in line with the upward trend in global WTI and Brent Crude oil prices, which rose to USD95.8 per barrel (Q1 2026: USD72.0 per barrel) and USD103.3 per barrel (Q1 2026: USD80.2 per barrel), respectively. Crude oil and condensate exports rose to RM6.0 billion, compared with RM5.3 billion in the previous quarter, while Refined petroleum products exports increased to RM38.8 billion from RM22.9 billion. Meanwhile, LNG exports rose to RM16.1 billion, compared with RM12.9 billion in the preceding quarter. Similarly, imports of Crude oil and condensate, Refined petroleum products and Liquefied natural gas (LNG) all recorded increases in the second quarter of 2026. Crude oil and condensate imports rose to RM12.5 billion, compared with RM7.3 billion in the previous quarter, while imports of Refined petroleum products increased to RM40.8 billion from RM22.4 billion in the first quarter of 2026. Meanwhile, LNG imports rose to RM1.6 billion, compared with RM1.3 billion in the preceding quarter.
Technical Notes / Methodology
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