| Danial Norjidi |
BRUNEI Darussalam has agreed to adjust the country’s crude oil production for the next six months, the Energy and Industry Department at the Prime Minister’s Office (EIDPMO) said in a statement yesterday.
According to the EIDPMO, Brunei, together with 10 other non-OPEC (Organization of the Petroleum Exporting Countries) countries, took part in the OPEC/non-OPEC Declaration of Cooperation made in Vienna, Austria on December 10, 2016.
“Brunei Darussalam has agreed to make a voluntary adjustment to the country’s crude oil production starting from January 1, 2017 for six months, extendable for another six months, depending on prevailing market conditions and prospects,” stated the press release.
The statement went on to say that OPEC member countries have committed for a production adjustment of 1.2 million barrels per day under the Vienna Agreement, while participating non-OPEC countries have committed for a combined production adjustment of 0.558 million barrels per day under the OPEC/non-OPEC Declaration of Cooperation.
“This concerted effort is aimed to stabilise and foster a more sustainable oil market,” the EIDPMO said in the statement, adding that Brunei Darussalam is committed to ensure that its 2017 production target is in line and proportionate with the targets of the other non-OPEC producing countries under this joint declaration.
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