Petronas to cut 20000 bpd starting January 2017

Malaysia’s Petronas is set to reduce its oil production in less than a fortnight.

The company said on Wednesday that following the pact made in Vienna, on December 10, 2016 between OPEC and non-OPEC producers, Petronas will make a voluntary adjustment to Malaysia’s crude oil production starting from January of 2017.

“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,” Petronas said.

To remind, several non-OPEC nations earlier this month in Vienna pledged to make voluntary cuts in production with the aim to tackle low oil prices.

Apart from Malaysia, the production cuts are expected to be cut in Azerbaijan, Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Mexico, Oman, Russia, Sudan, and South Sudan.

The combined non-OPEC reduction target was agreed at 558,000 barrels a day for the producers above who proposed to adjust their oil production, voluntarily or through managed decline. The cuts will start from January 1, 2017, for six months, extendable for another six months, to take into account prevailing market conditions and prospects.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

THE 5TH OIL & GAS VIETNAM 2017

The 5th edition of Oil & Gas Vietnam (OGAV) exhibition 2017 is the only specialized event in Vietnam that brings together an international…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply