Malaysia's state oil firm Petroliam Nasional Bhd said it will lower its crude oil output by up to 20,000 barrels per day in 2017, in line with a recent agreement between OPEC and non-OPEC producers to reduce global supply.

Petronas, as the company is known, is the sole crude oil producer in Malaysia.

"Petronas will make a voluntary adjustment to Malaysia's crude oil production starting from January of 2017," the company said in a statement today.

- Reuters