Malaysia had a small 16,000 b/d key product deficit in 2020, with gasoline showing a large deficit while all other products were in net surplus. The deficit is expected to increase to a 115,000 b/d in 2021 with the recovery of the economy. Gasoline will continue to see a significant deficit until the 2040s due to robust GDP growth while the diesel/gasoil surplus will increase up to 2050. Total oil product demand was severely hit and dropped to 639,000 b/d in 2020 (compared to 799,000 b/d in 2019). We forecast total oil demand will recover by 2022 and continue to grow to 948,000 b/d by the mid 2030s. Thereafter demand will decline with increasing electrification of its vehicle fleet.