Malaysia to cut daily oil output from November
Kuala Lumpur (VNA) - 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.
The move came after Malaysia attended the 33rd OPEC and Non-OPEC
Ministerial Meeting on October 5, during which the alliance unanimously agreed on
the decision to cut production.
"OPEC countries collectively took into consideration
factors that included market fundamentals, particularly to address
uncertainties in the global oil supply and demand situation," said
Caretaker Minister in the Prime Minister's Department of Economy Datuk Seri
Mustapa Mohamed in a statement on October 18.
Mustapa noted Malaysia supports OPEC 's long-standing
initiative and proactive approach, including the document of cooperation (DOC)
signed on December 10, 2016 that brought together the oil-producing countries to
adhere to the robust mechanisms in dealing with market challenges.
In view of the prospect of prolonged uncertainties, he added
that Malaysia will continue its close collaboration with OPEC to ensure the
stability of the global oil market.
Accordingly, it will cut its daily crude oil output by 27,000
barrels to 567,000 under the planned collective production reduction by OPEC ./.