VIENNA, Dec 4 – Stabilising global crude oil prices is high on the agenda of Datuk Seri Azmin Ali’s visit to the Organisation of the Petroleum Exporting Countries (Opec) meeting.
“I’m leaving tonight (Dec 3) for the (Opec) meeting. Even though we are not a member, they need the support of small producers like Malaysia to help stabilise the price of petroleum.
“So, we will participate in a discussion tomorrow (Dec 4) in Vienna,” the Economic Affairs Minister said to reporters when met at the Parliament lobby on Monday (Dec 3).
Azmin was referring to the Opec meeting in Vienna, Austria, where members and non-members are set to reach an accord over possible output cuts in order to address falling crude oil prices.
At present, Brent crude oil prices are at US$62.34 (RM260) per barrel compared with US$70 (RM292) per barrel when Budget 2019 was tabled on Nov 2.
“We were asked to cut production by 20,000 (barrels) per day,” Azmin said.
“But that understanding expires in December. So, we are going to discuss further, whether we want to keep that understanding, or we want to elevate that understanding to a more formal type of discussion. That will be discussed in Vienna,” he added.