KUALA LUMPUR, Dec 2 (Bernama) — Malaysia has agreed to extend oil production adjustments until Dec 31, 2018, said Minister in the Prime Minister´s Department, Economic Planning Unit (EPU), Datuk Seri Abdul Rahman Dahlan.
He said the agreement was made in line with the decision to further extend the “Declaration of Cooperation ” for another nine months during the 3rd Organisation of the Petroleum Exporting Countries (OPEC) and Non-OPEC Ministerial Meeting held in Vienna, Austria on Nov 30.
“The production adjustments extension is needed to reduce oil inventory to a more reasonable level, which will provide stability and sustainability in terms of price, as well as demand and supply.
“From between January and October 2017, OPEC and Non-OPEC countries managed to reduce the inventory level by more than 600 million barrels.
“Based on estimates, the extension of the production adjustments will facilitate the oil market to rebalance itself by end- 2018. This is one factor why oil prices have firmed up since 2016, ” he said in a statement today from Vienna…..