Malaysia's national oil company to reduce crude oil output by 20,000 barrels per day
Reduction set to take effect next month
The national oil company said the voluntary adjustment was based on the prevailing market conditions and prospects and based on Malaysia’s average production for this year.
Petronas said the adjustment followed the pact made in Vienna, Austria on December 10 between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers.
OPEC and other producers led by Russia have announced cutbacks of almost 1.8 million barrels per day (bpd) in oil production from January 2017.
The cutbacks are to bolster prices to reduce rampant global overproduction which has seen output outstrip consumption for over two years.
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