PETRONAS to voluntarily adjust oil output
By Rashid Shirinov
Malaysia’s PETRONAS oil and gas company has announced that it will voluntarily adjust the country's crude oil output.
The company reported that following the pact made in Vienna, Austria on December10, 2016 between OPEC and non-OPEC producers, PETRONAS will make a voluntary adjustment to Malaysia’s crude oil production starting from January 2017.
This voluntary adjustment, taking into consideration prevailing market conditions and prospects, is expected to involve up to 20,000 barrels per day of crude oil from the country’s 2016 average production, said the company.
Petronas, established in 1974, conducts business in 35 countries. Currently, Petronas ensures about 40% of incomes in the country. The company has turned into an internationally recognizable symbol for Malaysia.
In Azerbaijan, Petronas owns 15.5 percent stake in the project on the development of Shah Deniz gas and condensate field, 15.5 percent stake in the South Caucasus Gas pipeline and 12.4 percent in the Azerbaijan Gas Supply Company (AGSC).
The world's largest producers agreed to curb production for the first time since 2008 in a bid to support prices after the Vienna meeting on November 30. The OPEC, which accounts for a third of global oil supply, agreed to cut production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd.
Iraq, OPEC's second largest producer which had previously resisted cuts will cut output by 200,000 bpd to 4.351 million bpd. Saudi Arabia said it would take the lion's share of cuts - reducing output by almost 500,000 bpd to 10.06 million bpd - to get the deal done. Iran was allowed to boost production slightly from its October level.
Non-cartel states decided to cut oil output by 558,000 barrels per day with Russian participation standing at 300,000 bpd.
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