Hormuz Shutdown Forces Malaysia to Overhaul Crude Supply Chain

Malaysia is looking to diversify its crude sourcing with supply from the U.S., South America, and Africa as the Hormuz crisis has choked off its key Middle Eastern deliveries, Malaysian Economy Minister Akmal Nasrullah Mohd Nasir said on Wednesday. The Asian economies were the first to be hit by the lack of supply from the Strait of Hormuz as the region depended on Middle Eastern crude, naphtha, and fuel supply for most of its demand. Countries have scrambled for alternative supply over the past nearly three months and have launched fuel-saving…