Petronas to announce output cut quantum soon

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will announce soon the quantum of reduction for Malaysia’s 2017 crude oil production as agreed to at a meeting of Organisation of the Petroleum Exporting Countries (Opec) and non-Opec members in Vienna, Austria, said Minister in the Prime Minister’s Department Datuk Abdul Rahman Dahlan.
The meeting agreed that non-members of Opec would have to cut down by 558,000 barrels per day (bpd) for six months beginning Jan 1, 2017.
Speaking to reporters after launching the 15th Edition of the Malaysia Economic Monitor report published by the World Bank, Abdul Rahman said the cutback by Malaysia and other non-Opec as well as Opec members was aimed at shoring up crude oil prices by stabilising global oil supply, normalising the market and regaining investor confidence.
Malaysia produced 693,000 bpd of crude oil in 2015, according to Index Mundi, a data portal that gathers facts and statistics and turns the raw data into useful information.
Abdul Rahman said Malaysia’s oil production cut was included in the total cutback of 558,000 bpd, less than the initial target of 600,000 bpd.
"We were present at the meeting to give moral support to Opec and non-Opec members in ensuring that oil prices are at a sustainable growth path," he added. – Bernama