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Malaysia to cut daily oil output from November

Malaysia has agreed with the recent implementation of oil production cut of 2 million barrels per day by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) with effect from this November.
Malaysia to cut daily oil output from November ảnh 1Illustrative image (Photo: Bloomberg)

Kuala Lumpur (VNA) - Malaysia has agreed with the recentimplementation of oil production cut of 2 million barrels per day by theOrganisation of the Petroleum Exporting Countries and allies (OPEC ) witheffect from this November.

The move came after Malaysia attended the 33rd OPEC and Non-OPECMinisterial Meeting on October 5, during which the alliance unanimously agreed onthe decision to cut production.

"OPEC countries collectively took into considerationfactors that included market fundamentals, particularly to addressuncertainties in the global oil supply and demand situation," saidCaretaker Minister in the Prime Minister's Department of Economy Datuk SeriMustapa Mohamed in a statement on October 18.

Mustapa noted Malaysia supports OPEC 's long-standinginitiative and proactive approach, including the document of cooperation (DOC)signed on December 10, 2016 that brought together the oil-producing countries toadhere to the robust mechanisms in dealing with market challenges.

In view of the prospect of prolonged uncertainties, he addedthat Malaysia will continue its close collaboration with OPEC to ensure thestability of the global oil market.

Accordingly, it will cut its daily crude oil output by 27,000barrels to 567,000 under the planned collective production reduction by OPEC ./. 

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