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Malaysia's Petronas to cut output in 2017 following OPEC deal

Xinhua, December 21, 2016 Adjust font size:

Malaysia's petroleum giant Petronas said on Wednesday that it will voluntarily cut up to 20,000 barrels per day (bpd) of crude oil starting from January in line with the oil producers' move to shore up oil prices.

Petronas said the adjustment followed the pact made earlier this month in Vienna between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers.

Petronas did not say how long the adjustment will last, but said in a statement that the voluntary adjustment was based on the prevailing market conditions and prospects.

In a historic deal reached on Dec. 10, OPEC and non-OPEC producers agreed to curtail global oil output jointly and lift oil prices from a quagmire which saw oil price tanked for more than two years.

As one of the non-OPEC countries participating in the deal, Malaysia also agreed to the decision of output reduction of 558,000 bpd. Endite