You are here

Petronas to adjust output after oil cut deal

Tuesday, December 13, 2016 - 17:00

6-40010306 - 28_09_2016 - CANADA-PETRONAS_LNG.jpg
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.

[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

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom