Govt seeks to decrease oil production to stabilise prices


Dateline 2018-12-04, The Star:

Malaysia will seek to decrease oil production in order to stabilise global oil prices, says Datuk Seri Mohamed Azmin Ali (pic).

“Even though we are not a member of Organisation of the Petroleum Exporting Countries (Opec), it needs the support of small producers like Malaysia to help stabilise the price of petroleum,” the Economic Affairs Minis­ter said.

Malaysia will take part in the Opec discussion in Vienna today.

Member and non-member countries are set to reach an accord over possible output cuts to address falling crude oil prices.

At present, Brent crude oil prices stand at US$62.34 (RM260) per barrel, compared to US$70 (RM292) a barrel when Budget 2019 was tabled on Nov 2.

 

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