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

New Straits Times - - News / Issues -

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.”

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