Petronas to cut crude output by 20,000 barrels per day starting Jan 2017

SINGAPORE (Dec 21): Petroliam Nasional Berhad (Petronas) on Wednesday announced that it will make a voluntary adjustment to Malaysia’s crude oil production from January 2017.

The Malaysian state-owned oil firm said in a statement that “this voluntary adjustment, taking into consideration prevailing market conditions and prospects, is expected to involve up to 20,000 barrels per day (bpd) of crude oil from the country’s 2016 average production”.

This follows the pact made in Vienna, Austria on Dec 10 between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers.

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