OPEC and OIL PRICES

Malaysia Cuts Production

Malaysia on 24 September announced that it was implementing an immediate 10% cut in crude oil production in support of OPEC's market stabilization campaign. According to Deputy Prime Minister Ghafar Baba, the state oil company Petronas is to be instructed to carry out the reduction "without delay."

Malaysia made known its intention to reduce production by 10% - from 510,000 b/d to 459,000 b/d, according to the Chairman of Petronas...