Prime Minister Abdullah Ahmad Badawi yesterday said the government may review the country's economic growth forecast in view of skyrocketing oil prices.

The effects from persistent high oil prices was something the country has to accept, he was quoted as saying by the Bernama news agency.

Malaysia, a net oil producer, has forecast a gross domestic product of five to six percent for this year down from 7.1 percent last year. Abdullah did not elaborate.

Last week Second Finance Minister Nor Mohamed Yakcop said Malaysia was concerned high oil prices will hurt its developed-nation trading partners, although in the short term it will benefit as the value of its oil exports rises.

"It is a concern because the higher oil prices may affect the growth of the developed countries. We are a trading nation so it is a concern," he said.

Crude futures tumbled on Tuesday a day after surging to a new record close of US$61 per barrel in New York, on concerns that refineries will struggle to meet strong demand for energy during the fourth quarter, particularly from the United States and China.