Petronas cuts oil output in line with global initiative to stabilise prices

In a statement yesterday, Petronas said that in light of the pact made in Vienna, Austria, on Dec 10 between Opec and non-Opec producers, it would make a voluntary adjustment involving up to 20,000 barrels per day (bpd) of crude from the country

PETALING JAYA: Petroliam Nasional Bhd (Petronas) will reduce its output on a voluntary basis beginning next year in line with an initiative taken by members and non-members of the Organisation of the Petroleum Exporting Countries (Opec) to help improve prices.

The production cut is part of a collective effort by major oil producers globally to ease the current supply glut of crude oil.