On Wednesday, the Malaysian minister of economic affairs Datuk Seri Mustapa Mohamed said that the country is willing to cut its crude oil output by 136,000 bpd for May and June, despite its positions of a net oil importer and small producer.
Malaysia also welcomes oil output cut pact from the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) as it could help to stabilize the global oil market and ensure supply for customers.
Mustapa said that Malaysia would still need to preserve a beneficial investment condition, as the country’s upstream sector is a market liberalized with more than 20 Petroleum Arrangement Contract (PAC) operators participating.
