Petronas to reduce production

KUALA LUMPUR, December 13, 2016 – Malaysia’s Petronas solidified an agreement with OPEC on Tuesday to slow the global supply of oil amid a glut that has shaken the market since mid-2014. The agreement will affect the production levels of OPEC and non-OPEC members alike.

“Petronas will make the necessary adjustment to the country’s crude oil production level in line with the agreement reached between OPEC and non-OPEC producers … towards a more stable oil market,” the NOC said in a statement regarding the decision.

The agreement to adjust production levels is expected to go into effect in January 2017.