Petronas to cut output by up to 20,000 bpd

PETALING JAYA: Petroliam Nasional Bhd (Petronas) will cut production of crude oil by up to 20,000 barrels per day (bpd), after Organisation of the Petroleum Exporting Countries (Opec) and non-Opec members agreed to cut supply of crude oil in an effort to boost prices, which have been sluggish for two years now.
The voluntary adjustment to Malaysia’s crude oil production starts from January 2017, and will be based on the country’s 2016 average production.
Opec and non-Opec members made the pact on Dec 10, 2016. Opec members will cut production by up to 1.2 million bpd and non-Opec members by up to 558,000 bpd.
Petronas said in a statement yesterday the voluntary adjustment takes into consideration prevailing market conditions and prospects.