Sarawak's LNG Exports Surge Despite Crude Oil Dip

Sarawak's Economy: LNG Exports Soar While Crude Petroleum Sees Decline KUCHING, SARAWAK – The Sarawak state economy experienced a mixed performance in recent years, with a significant surge in liquefied natural gas (LNG) exports offsetting a decline in crude petroleum exports. This was revealed during a recent session of the Sarawak State Legislative Assembly by Deputy Premier Datuk Amar Douglas Uggah Embas. Datuk Amar Douglas Uggah Embas stated, "The release of liquefied natural gas (LNG) continues to be the main driver of Sarawak's export performance." He cited figures showing a substantial increase in LNG export value, rising from RM54.8 billion in 2023 to RM56.4 billion in 2024. This growth was attributed to high export volumes and favorable market conditions. In contrast, crude petroleum exports saw a decrease of 5.8 percent. This downturn was attributed to lower export volumes and a decline in global oil prices. The Deputy Premier also noted the average price of crude oil in 2024 was USD 80.52 per barrel, down from USD 82.49 in 2023. Despite the decline in crude petroleum exports, the strong performance of the LNG sector demonstrates the resilience of Sarawak's economy and its ability to adapt to changing global market conditions. The government's focus on diversifying the economy and exploring new opportunities will continue to be crucial for long-term sustainable growth.