00:00More than five decades after the oil shocks of the 1970s, tensions in West Asia are once again disrupting global
00:08energy markets.
00:09But oil and gas analyst Jamil Ghani says Malaysia today is far more resilient than it was back then.
00:16He says the country now has stronger institutional capacity, a more diversified energy system, and better coordination between regulatory and
00:25operational agencies.
00:26Jamil says that while Malaysia remains exposed to global shocks, the impact today is far more manageable than previously.
00:35The current crisis centers on the Strait of Hormuz, a vital maritime choke point that handles about one-fifth of
00:42global oil and liquefied natural gas supplies.
00:46Iran has disrupted almost all traffic passing through the waterway following strikes by the United States and Israel, causing global
00:54oil prices to surge.
00:55Tehran has also attempted to lay mines and target tankers, transiting without its consent.
01:02The United States has retaliated by imposing a blockade on all vessels bound for or leaving Iranian ports.
01:10Jamil says unlike in 1973, today's risks come from disruptions to the movement of energy through critical transit routes.
01:18He says the use of energy as geopolitical leverage has shifted from production control to choke point disruption, making the
01:26situation less predictable and harder to manage.
01:30Beyond oil, fertilizers, petrochemical feedstock and other materials linked to Gulf supply chains have also been affected, placing additional pressure
01:40on global markets.
01:41According to Jamil, Petronas plays a critical role in cushioning the impact of the crisis on Malaysia by helping maintain
01:49domestic fuel supply stability.
01:52Last month, the National Oil and Gas Company confirmed that fuel supply at its stations nationwide would remain secure until
01:59end June.
02:00Jamil says Petronas is also benefiting from its diversified upstream portfolio and Malaysia's position as a net LNG exporter, giving
02:10the country greater fiscal and operational flexibility.
02:14He says the oil shocks of the 1970s exposed weaknesses in Malaysia's refining capacity, strategic governance and control over energy
02:24resources.
02:25Malaysia, however, responded effectively through stronger state coordination and the creation of Petronas in 1974.
02:33Looking ahead, Jamil says Malaysia must continue strengthening its energy resilience by diversifying supply routes, establishing stronger regional interconnections and
02:44through technological investments.
02:46Hanyu Jo, FMT.
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