Malaysia Plans Production Cut To Support OPEC’s Price Stability Move

Malaysia will be seeking to decrease oil production in order to stabilise global oil prices, says Datuk Seri Azmin Ali, Economic Affairs Minister.

“I’m leaving tonight (Dec 3) for the Organisation of the Petroleum Exporting Countries meeting. Even though we are not a member, they need the support of small producers like Malaysia to help stabilise the price of petroleum.

“So, we will participate in a discussion tomorrow (Dec 4) in Vienna,” the Economic Affairs Minister said to reporters when met at the Parliament lobby on Monday.

Azmin was referring to the Opec meeting in Vienna, Austria, where members and non-members are set to reach an accord over possible output cuts in order to address falling crude oil prices.

At present, Brent crude oil prices are at US$62.34 (RM260) per barrel, compared with US$70 (RM292) per barrel when Malaysia’s Budget 2019 was tabled on Nov 2.

“We were asked to cut production by 20,000 (barrels) per day,” Azmin said.

“But that understanding expires in December. So, we are going to discuss further, whether we want to keep that understanding, or we want to elevate that understanding to a more formal type of discussion. That will be discussed in Vienna,” he added.

Source: MSN

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