Petronas confirms output cuts
Malaysia malaysia-petronas-f1-car
The move sees the company follow through on promises made last week, when it said it would “make the necessary adjustment.” In late November, an <a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC agreement was reached for members to cut total output by 1.2 billion bpd. Later on, non-OPEC producers, Malaysia included, decided to reduce production by 558,000 bpd from January 1, 2017.
Petronas produced 662,000 bpd in 2015, a raise of 10% from the previous year. Estimates indicate a drop in production in 2016 to a total of 628,000 bpd.
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