Malaysia to re­duce oil out­put by 15,000 bar­rels per day — Azmin

The Borneo Post (Sabah) - - HOME -

KUALA LUMPUR: Malaysia has agreed to con­tinue its vol­un­tary com­mit­ment to re­duc­ing to­tal oil out­put by re­vis­ing the fig­ure by 15,000 bar­rels per day from an ear­lier cut level of 20,000 bar­rels per day.

The pre­vi­ously agreed ar­range­ment ex­pires at yearend.

Min­is­ter of Eco­nomic Af­fairs Datuk Seri Mo­hamed Azmin Ali said this in a state­ment is­sued fol­low­ing the fifth Or­gan­i­sa­tion of the Pe­tro­leum Ex­port­ing Coun­tries (OPEC) and nonOPEC Min­is­te­rial Meet­ing in Vienna, Aus­tria.

It saw the oil pro­duc­ing coun­tries agree­ing to re­duce oil pro­duc­tion to 1.2 mil­lion bar­rels per day for the next six months from 1.8 mil­lion bar­rels per day.

Mo­hamed Azmin said this de­ci­sion is a tes­ta­ment of Malaysia’s com­mit­ment to in­ter­na­tional co­op­er­a­tion to face eco­nomic chal­lenges posed by the global oil mar­ket.

“Even though we are a small oil pro­duc­ing coun­try, Malaysia stands in sol­i­dar­ity with other oil pro­duc­ing na­tions in pur­su­ing the strate­gic ob­jec­tive of achiev­ing global mar­ket sta­bil­ity in the in­ter­est of all oil pro­duc­ers and con­sumers, tak­ing into con­sid­er­a­tion the pre­vail­ing mar­ket con­di­tions and prospects,” he said.

As part of his work­ing visit to Vienna on Dec 4, Azmin led Malaysia’s par­tic­i­pa­tion in the 12th Meet­ing of the Joint Min­is­te­rial Mon­i­tor­ing Com­mit­tee, the fifth OPEC and Non-OPEC Min­is­te­rial Meet­ing and the An­niver­sary Din­ner Cel­e­brat­ing the Land­mark Dec­la­ra­tion of Co­op­er­a­tion.

The Malaysian del­e­ga­tion to Vienna in­cluded rep­re­sen­ta­tives from the Min­istry of Eco­nomic Af­fairs, the At­tor­ney Gen­eral’s Cham­bers and Petro­liam Na­sional Bhd (Petronas). Ber­nama

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