Malaysia: the “OPEC +” decision to reduce production was taken to cope with market uncertainty

Malaysia confirmed that the decision of OPEC + member countries to reduce oil production came unanimously, and after taking into account the need to address market uncertainty.

Malaysia joined this with other countries in “OPEC +”, which this week supported the reduction of production in the group.

Malaysian Economy Minister Mustafa Mohamed said in a statement released Tuesday: “The countries (OPEC +) have taken in collectively consider factors, including market fundamentals, especially to address the uncertainty surrounding the global oil supply and demand situation. “

Mohammed added: “Given the possibility of continued uncertainty for a long time, Malaysia will continue to work closely with (OPEC +) to ensure the stability of the global oil market,” according to “Reuters”.

The Secretary General of the Organization of Petroleum Exporting Countries “OPEC”, Haitham Al-Ghais, reiterated yesterday Tuesday that the recent “OPEC +” decision to reduce oil production was unanimous, as the group has decided to take a proactive stance to help stabilize global oil markets.

The secretary general of “OPEC” said: “There was a consensus to act now to prevent any future crisis”.

At the end of the October 5 meeting, OPEC + members decided to reduce production by two million barrels per day in November and to extend the “Declaration of Cooperation” until the end of 2023, provided that the ministerial meetings every 6 months, while the OPEC Ministerial Monitoring Committee will meet + “every two months to follow the evolution of the market.

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