Malaysia supports OPEC's call for global oil market stability

KUALA LUMPUR: Malaysia remains steadfast in its commitment to support the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) in the proactive efforts to maintain the stability of the global oil market amid prevailing uncertainties and volatility.

Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed said the global oil market remained volatile amidst the post-pandemic rebound, elevated inflationary pressure, the worrying possibility of food shortages, geopolitical challenges, as well as climate change-driven weather-related events in key economies.

"Through the Declaration of Cooperation (DoC) signed on Dec 10, 2016, OPEC+ has a robust mechanism for dealing with market challenges, including an oil production adjustment system that has proven effective in the past," he said in a statement today.

He noted that since the DoC was introduced in 2016, OPEC+ member countries, including Malaysia, have been working closely together, leading to the stability of the global oil market.

"Given the imminent vagaries in energy markets that we will likely have to contend with, Malaysia believes that this close collaboration should continue," said Mustapa.

At the time of writing, Brent crude stood at US$100.10 per barrel.

-- BERNAMA