Oil supply recovery could take up to a year if fuel crisis drags on, says economy minister

“KUALA LUMPUR, April 28 — Crude oil supply could take between three and 12 months to recover if the ongoing energy crisis persists, Akmal Nasrullah Mohd Nasir said today. The economy minister added that the situation could worsen if there was damage to oil and gas infrastructure as time would be needed for repairs. He also said that oil prices are likely to continue to fluctuate even though the volatility has begun to ease. “Between April 20 and 24, the average global Brent crude spot price declined by 6.7 per cent to US$109.94 per barrel, compared with US$117.84 in the previous week. “Despite the weekly average decline, prices showed an upward trend over the same period. Brent crude opened at US$106.02 per barrel on Monday and rose to US$112.92 by market close on Friday, April 24, marking an overall increase of 6.5 per cent,” he said in an online global supply crisis briefing. MORE TO COME

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