Petronas to adjust output after oil cut deal
[KUALA LUMPUR] Malaysian state-owned oil firm Petroliam Nasional Bhd said on Tuesday it would adjust crude oil production in line with an agreement between OPEC and non-OPEC producers to reduce global supply.
"Petronas will make the necessary adjustment to the country's crude oil production level in line with the agreement reached between OPEC and non-OPEC producers...towards a more stable oil market," it said in an emailed statement.
"The voluntary adjustment is expected to be implemented beginning from January 2017, taking into account prevailing market conditions and prospects."
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers reached a deal on Saturday to jointly reduce crude oil output to ease a global supply glut which has seen oil prices halving in the last two years.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates
Even without war in the Gulf, pricier petrol is here to stay
Gold gains as Middle East tensions lift safe-haven appeal
‘No trade war’, says Biden, pushing to triple tariffs on Chinese steel