Petronas to announce production cut quantum for 2017

Petronas will soon announce the production cut quantum for Malaysia's 2017 crude oil production as agreed to at a meeting of the 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 OPEC non-members would have to cut down to 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 World Bank, he said the cutback by Malaysia and other Opec and non-Opec members was aimed at shoring up crude oil prices by stabilising global oil supply, normalising market and regaining investor confidence.

Malaysia's produced 693,000 barrels per day (bpd) of crude oil in 2015 according to Index Mundi, a data portal that gathered facts and statistics and turned the raw data into useful information.

Abdul Rahman said Malaysia's oil production cut was included in the total cutback of 558,000 bpd, lesser 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