COMMENT | Malaysia’s economy is still growing,  but barely. It’s now running more and more on domestic fuel: household spending and government projects. That sounds manageable in the short term, but the bigger picture is far more worrying.

Our external engine has stalled. Net exports plunged by a staggering 72.6 percent in the second quarter of 2025, and the current account - once our reliable safety net - has shrunk to a wafer-thin RM0.4 billion, just 0.1 percent of gross domestic product.

That’s not a buffer - that’s a blink. If oil prices slide or global demand weakens again, we could find ourselves flying without a parachute.

In this environment, Petronas becomes not just a national oil company but the national shock absorber. Its foreign exchange earnings, tax contributions, and dividends now carry disproportionate weight.

But here’s the danger: if we lean too hard on it, we risk damaging the very lifeline we’re depending on.