Petronas to cut up to 20,000 BPD of crude oil next year

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KUALA LUMPUR — Petronas will cut up to 20,000 barrels per day (bpd) of crude oil from the country’s 2016 average production starting in January next year.

In a statement today, the national oil company said this voluntary adjustment took into consideration prevailing market conditions and prospects.

This is also the result of the pact made in Vienna, Austria, on Dec 10, 2016 between the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers, it said.

The meeting agreed that non-Opec members would have to reduce to 558,000 barrels per day (bpd) for six months beginning Jan 1, 2017.

Previously, Petronas had voiced its commitment to adjust crude oil production to reduce global supply.

— BERNAMA



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