Malaysia has agreed to continue its voluntary commitment to reducing total oil output, by 15,000 barrels per day from an earlier cut level of 20,000 barrels per day.
The previously agreed arrangement expires at year-end.
Economic Affairs Minister Mohamed Azmin Ali said this in a statement issued following the fifth Organisation of the Petroleum Exporting Countries (Opec) and non-Opec Ministerial Meeting in Vienna, Austria.
It saw the oil-producing countries agreeing to reduce oil production to 1.2 million barrels per day for the next six months from 1.8 million barrels per day.
Azmin said this decision is a testament of Malaysia’s commitment to international cooperation to face economic challenges posed by the global oil market.
“Even though we are a small oil-producing country, Malaysia stands in solidarity with other oil-producing nations in pursuing the strategic objective of achieving global market stability in the interest of all oil producers and consumers, taking into consideration the prevailing market conditions and prospects,” he said.
As part of his working visit to Vienna on Dec 4, Azmin led Malaysia’s participation in the 12th Meeting of the Joint Ministerial Monitoring Committee, the fifth Opec and Non-Opec Ministerial Meeting and the Anniversary Dinner Celebrating the Landmark Declaration of Cooperation.
The Malaysian delegation to Vienna included representatives from the Economic Affairs Ministry, the Attorney-General’s Chambers and Petronas.