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19/10/2022 - 11:01

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.

Illustrative image (Photo: Bloomberg)

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 ./.