KUALA LUMPUR, Oct 18 2022 – The Organisation of the Petroleum Exporting Countries and allies (OPEC+) has agreed to implement a production cut of two million barrels per day with effect from November 2022, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.
“Malaysia, as a member of OPEC+, participated in the 33rd OPEC and Non-OPEC Ministerial Meeting on 5th October 2022. During that meeting, the alliance agreed to implement a production cut of two million barrels per day with effect from November 2022,” Mustapa said in a statement today.
According to him, the decision was unanimous as OPEC+ countries collectively took into consideration factors that include market fundamentals, particularly to address uncertainties in the global oil supply and demand situation.
“Malaysia supports OPEC+ longstanding initiative and proactive approach, including the Document of Cooperation signed on 10 December 2016 that brings together the oil-producing countries to adhere to the robust mechanisms in dealing with market challenges.
In view of the prospect of prolonged uncertainties, Malaysia will continue our close collaboration with OPEC+ to ensure the stability of the global oil market,” he added.
— Akses Malaysia
