Malaysia to cut oil production by 20,000 barrels per day

KUALA LUMPUR: Malaysia has pledged to cut oil production by 20,000 barrels per day following a decision by the Organisation of the Petroleum Exporting Countries (OPEC).

Minister in the Prime Minister’s Department Datuk Seri Abdul Rahman Dahlan, after a meeting between OPEC and nonOPEC countries in Vienna, Austria, on Wednesday, said this was part of the country’s effort to stabilise global oil prices.

“The meeting, which saw Malaysia’s participation, concluded with continued commitment from non-OPEC countries, following OPEC’s decision to continue with production cuts for a further nine months ending in the first quarter of 2018.

“On behalf of Malaysia, and after discussing with Petronas, I pledged production cuts of 20,000 barrels per day, which was agreed to by other members, similar to the level committed before,” Rahman said.

Malaysia produced 693,000 barrels per day of crude oil in 2015, according to Index Mundi, a data portal that visualises facts and statistics gathered from multiple sources.

Rahman said Malaysia believed that more stable and balanced global oil prices could be achieved by stimulating a sustainable balance in the demandand-supply mechanism to achieve an optimal market price.

“Malaysia views such steps, in the long term, would positively impact more economies for producers and consumers in achieving the sustainable development agenda. Malaysia welcomes the decision agreed today and reaffirms its commitment to today’s agreement and wishes the cooperation to be successful.”