Dateline 2017-12-02, Kitco:
Malaysia will extend its oil production cuts until the end of 2018, in line with its commitment to reduce global supply as part of a deal struck between OPEC and other global oil producers.
OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to clear a global glut of crude, while still signalling a possible early exit from the deal if the market overheats.
OPEC and Russia combined produce over 40 percent of global oil.
“The production adjustments extension is needed to reduce oil inventory to a more reasonable level which will provide stability and sustainability in terms of price, as well as demand and supply,” Abdul Rahman Dahlan, a minister in the prime minister’s department said in a statement issued on Friday.