KUALA LUMPUR, Dec 8 — Malaysia will reduce its total oil output by 15,000 barrels per day from next year following the decision of Organisation of the Petroleum Exporting Countries (Opec) to cut production levels.
Economic Affairs Minister Datuk Seri Azmin Ali said Malaysia’s reduced output was in line with its commitment to international cooperation to face economic challenges posed by the global oil market.
He said in a statement after attending the 5th Opec and non-Opec Ministerial Meeting in Vienna, Austria today that oil producing countries had agreed to reduce production from 1.8 million barrels per day to 1.2 million barrels per day for the next six months.
“Even though we are a small oil producing country, Malaysia stands in solidarity with oil producing countries in pursuing the strategic objective of achieving global market stability in the interest of all oil producers and consumers, taking into consideration the prevailing market conditions and prospects,” he said.
He added that Malaysia views highly its collaboration with other oil-producing countries to strengthen cooperation between members of Opec and non-Opec countries to face challenges posed by the global market.
“The commitments made under this proactive collaboration between participating countries are to be voluntarily implemented, non-binding and would not in any way affect the rights of peoples and nations to permanent sovereignty over the exploitation and management of their natural resources,” he said.
Azmin pointed out that the global market reacted positively when oil prices climbed at the conclusion of the meeting.
The Malaysian delegation to Vienna included representatives from the Ministry of Economic Affairs, the Attorney General’s Chambers and Petroliam Nasional Berhad with the support of the Embassy of Malaysia in Vienna.