Malaysia: OPEC+ Decision to Cut Output Made to Address Market Uncertainties

Business

October 19th, 5:21am

Asharq Al-Awsat

A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties. Malaysia joins other OPEC+ countries this week in backing a steep cut to the group's output target. "OPEC+ countries collectively took into consideration factors that include market fundamentals, particularly to address uncertainties in the global oil supply and demand situation," Malaysia's economy minister Mustapa Mohamed said in a statement issued on Tuesday. "In view of the prospect of prolonged uncertainties, Malaysia will continue our close collaboration with OPEC+ to ensure the stability of the global oil market."

from Asharq AL-awsat https://english.aawsat.com/home/article/3939196/malaysia-opec-decision-cut-output-made-address-market-uncertainties