Azmin to discuss global oil prices at Opec meeting (updated)


  • Nation
  • Monday, 03 Dec 2018

- Bernama

KUALA LUMPUR: Stabilising global crude oil prices is high on the agenda of Datuk Seri Azmin Ali's visit to the Organisation of the Petroleum Exporting Countries (Opec) meeting.  

“I’m leaving tonight (Dec 3) for the (Opec) meeting. Even though we are not a member, they need the support of small producers like Malaysia to help stabilise the price of petroleum.  

“So, we will participate in a discussion tomorrow (Dec 4) in Vienna,” the Economic Affairs Minister said to reporters when met at the Parliament lobby on Monday (Dec 3).  

Azmin was referring to the Opec meeting in Vienna, Austria, where members and non-members are set to reach an accord over possible output cuts in order to address falling crude oil prices.  

At present, Brent crude oil prices are at US$62.34 (RM260) per barrel compared with US$70 (RM292) per barrel when Budget 2019 was tabled on Nov 2.  

“We were asked to cut production by 20,000 (barrels) per day,” Azmin said.  

“But that understanding expires in December. So, we are going to discuss further, whether we want to keep that understanding, or we want to elevate that understanding to a more formal type of discussion. That will be discussed in Vienna,” he added.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Nation

Proposal to be submitted to NSC to allow 4,000 fans at football stadiums, says Reezal
Ministry investigating claims of black patches of water in Sg Kim Kim, Johor
Seventy-nine summonses issued in police ops against those who modified motor exhausts
Cause of dead fish in Sg Kulim due to low oxygen level
Families urged to follow Covid-19 SOP during Qing Ming
Singapore to offer Covid-19 vaccination to drivers of vehicles delivering essential goods
Wee: Women are equal partners in country's socio-economic development
Anwar: Pakatan parties starting GE15 seat negotiations
MTCC debuts at virtual B2B furniture fair – MIFF Furniverse 2021
Hostel for workers in Cameron Highlands under probe for failing to provide amenities

Stories You'll Enjoy


Vouchers