Malaysia says OPEC+ decision to cut output made to address market uncertainties

KUALA LUMPUR: Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties.

Malaysia joins other OPEC+ countries this week in backing a steep cut to the group’s output target, after the White House accused Saudi Arabia of coercing some other nations into supporting the move.

“OPEC+ countries collectively took into consideration factors that include market fundamentals, particularly to address uncertainties in the global oil supply and demand situation,” Malaysia’s economy minister Mustapa Mohamed said in a statement issued on Tuesday.

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“In view of the prospect of prolonged uncertainties, Malaysia will continue our close collaboration with OPEC+ to ensure the stability of the global oil market.”