Global energy crisis expected to impact markets for another 2 years, says Malaysian official

KUALA LUMPUR, June 29 (Xinhua) -- Ongoing disruptions to global energy markets are likely to last for up to another two years, Malaysian Economy Minister Akmal Nasrullah Mohd Nasir said on Monday.

Recovery from the global supply crisis would take time, even though crude oil prices had moderated from previous highs, as the impact on logistics costs, refined fuel supplies, agricultural inputs and the prices of goods would also take time to stabilize, Akmal told parliament.

"Monitoring and intervention measures will continue throughout the recovery period to reduce pressure on the people, micro, small and medium enterprises (MSMEs) and industry," he said.

The government expects global energy markets to start stabilizing in the third quarter this year, although the outlook remains subject to geopolitical developments, he said.

Akmal added that the government is using the current challenges as an opportunity to strengthen Malaysia's long-term economic resilience under its 13th national development plan, with priorities including raising productivity, expanding high-value industries, strengthening food security, accelerating the energy transition, advancing digitalization, and developing talent. Enditem