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Brunei agrees to make voluntary oil production adjustment

Xinhua, January 8, 2017 Adjust font size:

Brunei has agreed to adjust the country's crude oil production for the next six months, the Energy and Industry Department at the Prime Minister's Office (EIDPMO) said.

According to a weekend statement issued by EIDPMO, Brunei, together with 10 other non-OPEC (Organization of the Petroleum Exporting Countries) countries, took part in the OPEC/non-OPEC Declaration of Cooperation made in Vienna, Austria on Dec. 10, 2016.

"Brunei Darussalam has agreed to make a voluntary adjustment to the country's crude oil production starting from Jan. 1, 2017 for six months, extendable for another six months, depending on prevailing market conditions and prospects," said the government statement.

The statement went on to say that OPEC members have committed for a production adjustment of 1.2 million barrels per day under the Vienna Agreement, while participating non-OPEC countries have committed for a combined production adjustment of 0.558 million barrels per day under the OPEC/non-OPEC Declaration of Cooperation.

However, the statement did not give any details on how much adjustment of oil production the sultanate will make.

"This concerted effort is aimed to stabilize and foster a more sustainable oil market," the EIDPMO said, adding that Brunei is committed to ensure that its 2017 production target is in line and proportionate with the targets of the other non-OPEC producing countries under this joint declaration. Endit