Stable oil prices achieved by better supply and demand balance - Rahman Dahlan

Malaysia believes that more stable and balanced global oil prices can be achieved by stimulating a sustainable balance in demand and supply to achieve an optimal market price, said Minister in the Prime Minister's Department Datuk Abdul Rahman Dahlan.

In a statement issued after attending a meeting between Organisation of the Petroleum Exporting Countries (OPEC) and Non-Opec countries, he said Malaysia views such steps would in the long term positively impact more economies from both the producer and consumer sides and help ensure viable development agenda.

Malaysia, participating in the historic meeting between OPEC and non-OPEC nations, believes that more stable and balanced global oil prices can be achieved by stimulating a sustainable balance in demand and supply to achieve an optimal market price, he said.

On Dec 10, the meeting held in Vienna achieved a significant milestone in efforts to stabilise global oil prices, he noted.

The meeting in which he participated was concluded with a commitment from non-OPEC countries, following OPEC's decision on Nov 30 to cut production to 1.2 million barrels per day.

Based on the commitment by non-OPEC countries in Vienna, the production cut committed to date amounts to 1.7 million barrels per day, he added - Bernama