PUTRAJAYA, June 15 — The recovery of global oil supplies is expected to take time despite a peace deal between the United States and Iran, following infrastructure damage and disruptions to strategic trade routes caused by the conflict.

Economy Minister Akmal Nasrullah Mohd Nasir said the ongoing global geopolitical crisis has significantly impacted the national economy, particularly regarding oil supplies, adding that any positive developments towards peace are highly anticipated.

However, he noted that the impact on the oil market and the global economy would not be immediate, as the recovery process requires time.

“If it is true that a peace deal can be reached, its impact may take time because of the process of clearing routes in the Strait of Hormuz and repairing infrastructure damaged during the war. So, it will take time to fully recover,” he told reporters after the Ministry of Economy’s monthly gathering today.

He was asked to comment on recent developments regarding the peace agreement reached between the United States and Iran.

He said the Strait of Hormuz is a vital route for global oil trade, and any disruption in the area carries implications for energy costs and inflationary pressures in many countries, including Malaysia.

Consequently, he said the Economy Ministry would continue to monitor developments and maintain mitigation measures to ease economic pressures, including through the National Economic Action Council (MTEN).

“At the Ministry of Economy level, we remain committed to exploring the roles we can play to ease the ongoing pressures until the situation provides a clearer picture that this crisis has truly ended,’ he said.

It was reported today that the United States and Iran have reached a peace agreement, calling for an immediate and permanent cessation of military operations across all conflict zones, including Lebanon, which directly signals the end of a conflict in West Asia that has dragged on for more than three months. — Bernama

PUTRAJAYA, June 15 — The Ministry of Economy is set to deliver a ministerial statement addressing the global energy crisis and worldwide supply chain disruptions when Parliament reconvenes on June 22, Minister Akmal Nasrullah Mohd Nasir confirmed.

He said the statement would include a debate session to allow MPs to discuss the government’s actions and plans in addressing the impact of the crisis on the national economy.

“For this upcoming session, we will table a ministerial statement on the global energy and supply crises. Parliament has indicated that time will be allocated for this, and the statement will be followed by a debate,” he said during his address at the Ministry of Economy’s monthly gathering today.

Akmal Nasrullah said that the government, through the National Economic Action Council (MTEN), has increased its meeting frequency from six to 12 times a year due to pressures from the global crisis, with 124 decisions recorded so far.

He said Malaysia still recorded encouraging economic growth of 5.4 per cent in the first quarter of 2026, while the inflation rate remained low at 1.9 per cent.

Akmal Nasrullah said approved foreign direct investment for the first quarter of 2026 amounted to RM92.8 billion, with Japan emerging as the largest investor at RM21.5 billion, particularly in the digital and technological transformation sectors.

He said China and the United States each recorded investments of RM10.1 billion, while domestic investment increased by 13 per cent to RM36.6 billion compared to the same period last year.

In a separate development, Akmal Nasrullah said the ministry is reviewing project applications under the 13MP, with an emphasis on more realistic and achievable implementation within the current economic climate.

He said the budget screening process is currently underway at the ministry level to assess the suitability of the submitted projects and programmes, taking into account current fiscal challenges and global economic pressures.

“The assessment also takes into account several more thorough and realistic considerations, rather than simply looking good on paper.

‘We must ensure that the continuity of the programmes or projects we arrange can be executed within the timeframe, taking into account the constraints we currently face,” he said.

Akmal Nasrullah said that while the 13MP focuses on long-term development up to 2030, the government needs to make several adjustments to ensure that economic growth can be sustained in 2027, adding that the ministry is facing the challenge of balancing the need for immediate intervention to address the global energy and supply crises and maintaining the country’s medium- and long-term development planning.

“On one hand, we have to review the interventions that need to be made now, but at the same time, we are also looking into the requirements for 2027 and must maintain the spirit of five-year planning,’ he said.

He said 2026 is a period of implementation and delivery that requires adaptation to all current constraints without compromising the country’s development goals.

The ongoing global crisis, he said, should not hinder efforts to restructure the national economy, but should be leveraged as an opportunity to strengthen Malaysia’s economic resilience. — Bernama