Malaysia oil output to hover at 600,000-630,000 barrels daily next year

Dateline 2016-12-19, Malay Mail:

Petronas will slash oil production in 2017 to between 600,000 and 630,000 barrels per day (bpd), from the average of 693,000bpd in 2015 and 654,000bpd over the past five years, a source with knowledge of the matter told Malay Mail.

The at least 60,000bpd cut from last year’s average is larger than analysts expected, with Morgan Stanley predicting only a 20,000bpd cut for Malaysia while the Organisation of Petroleum Exporting Countries (Opec) had initially indicated a 35,000bpd decrease in production.

Malaysia’s crude oil production from January to March this year averaged 676,000bpd.

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