Malaysia says Opec+ decision to cut output made to address market uncertainties

MALAYSIA has said a decision by Opec+ member states to cut oil production was unanimous and made after taking into account the need to address market uncertainties.

Malaysia joins other Opec+ countries this week in backing a steep cut to the group’s output target after the White House accused Saudi Arabia of coercing some other nations into supporting the move.

“Opec+ countries collectively took into consideration factors that include market fundamentals, particularly to address uncertainties in the global oil supply and demand situation,” Malaysia’s Economy Minister Mustapa Mohamed said in a statement issued on Tuesday (Oct 18).

“In view of the prospect of prolonged uncertainties, Malaysia will continue our close collaboration with Opec+ to ensure the stability of the global oil market.” REUTERS