Prime Minister Anthony Albanese and his counterpart Anwar Ibrahim also expressed deep concern about the escalation of the Middle East war and its impact on supply chains, prices and the flow of oil.
"We commit to promote open and stable trade flows between our two countries, including for essential energy supplies," they said in a joint statement after meeting at the official offices of the Malaysian leader.
"We will exchange views on energy trade-related matters on a 'no surprises' basis, and deepen practical co-operation on energy security for both countries."
Malaysia is Australia's third-largest fuel supplier, providing 14 per cent of its diesel, 10 per cent of its petrol, and 11 per cent of its jet fuel.
Meanwhile, Australia provides almost all of Malaysia's liquefied natural gas.
"We recognise the complementarity of our trade and economic partnership and the role our countries play in each other's energy security," the two leaders said.
"Both countries serve as energy suppliers to one another, underpinning a mutually important energy security relationship."
Ahead of the meeting, Mr Albanese received a formal welcome outside the office of his Malaysian counterpart.
Rows of dark-suited dignitaries stood for the national anthems of Australia and Malaysia when the two leaders arrived on the stone forecourt, the massive pink granite dome and gold spire of the Putra Mosque looming opposite.
White-and-green clad soldiers holding black-and-chrome ceremonial rifles stood to attention as Mr Albanese inspected the guard of honour while Mr Anwar stayed seated.
Mr Albanese will later meet senior executives from Petronas, Malaysia's state-owned oil extraction and refining giant.
Malaysia also imports hundreds of millions of dollars worth of Russian oil and fuel each year, some of which is sold on to Australia.
Ukraine has called for a total ban on the use of Russian oil.
The talks follow a 24-hour visit to Brunei Darussalam during which Mr Albanese received a guarantee the tiny sultanate was not considering restricting the amount of fuel or fertiliser shipped to Australia.
In exchange, Australia - which is Brunei's largest trading partner - will continue to provide crucial food shipments.
Brunei supplies around 11 per cent of Australia's fertiliser. In 2024, Australia was responsible for around three-quarters of Brunei's meat imports.
During a meeting at Brunei's Royal Palace, both Mr Albanese and Sultan Haji Hassanal Bolkiah expressed ''deep concern'' over the war in the Middle East and pledged to strengthen energy supply chains and maintain open trade flows.
''Australia has always been a trusted friend and partner. Over the years, our relations have continued to prosper,'' the monarch told Mr Albanese during their bilateral meeting.
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