The Malaysian economy should be less reliant on the oil and gas sector, said Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar.

However, he said it does not mean that the productions must be reduced.

"What it meant is we need to increase production from other sectors," Abdul Wahid said during his keynote address at the Malaysian Student Leader's Summit at the Renaissance Hotel in Kuala Lumpur today.

He added that it is vital for the country's oil and gas reserves to be sustainably managed to ensure its continuous contribution to the nation's economy.

"If you go back 30 years ago, some say that the country's oil reserves would only last 20 to 30 years but judging from current situation, we still have such reserves, a testament to good management," said Abdul Wahid.

Meanwhile, in comparing the country's current economic situation to the late 90's financial crisis, Abdul Wahid said the country now is in a much better situation.

"We are fundamentally in a better situation now compared to then," he said.