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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.