Sustainable balance in oil demand and supply mechanism leads to optimal market price

 |May 26, 2017

A more stable and balanced global oil prices can be achieved by stimulating a sustainable balance in the demand and supply mechanism to achieve an optimal market price, said Minister in the Prime Minister’s Department, Abdul Rahman Dahlan today.

He said Malaysia viewed the steps taken by the world’s major oil producers to continue their production cuts into 2018 would positively impact more economies for both producers and consumers alike in achieving the sustainable development agenda.

“Malaysia welcomes the decision agreed today and reaffirms its commitments to today’s agreement and wishes the cooperation to be successful.

“On behalf of Malaysia and after discussing with Petronas, I pledged a production cut of 20,000 barrels per day, which was agreed by other members, similar to the level committed before,” Abdul Rahman said in a statement following a meeting between OPEC and non-OPEC countries in Vienna, Austria on May 25.

The meeting was concluded with continued commitment from non-OPEC countries, following OPEC’s decision on the same day, to continue with production cuts for a further nine months ending the first quarter of 2018. – Bernama