Malaysia says OPEC+ decision to cut output made to address market uncertainties
Malaysia backs steep cut to oil producer group's output target
Kuala Lumpure: 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.
"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.
"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."
Brent crude futures rose 73 cents, or 0.8%, to $90.76 a barrel by 0100 GMT. U.S. West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4%. WTI's front-month contract expires on Thursday.
Brent and WTI touched two-week lows and tumbled 1.7% and 3.1%, respectively, in the previous session on reports of US President Joe Biden's plans to release more barrels from the Strategic Petroleum Reserve (SPR) and worries about weaker Chinese fuel demand.
US crude oil stocks fell by about 1.3 million barrels for the week ended Oct. 14, according to market sources citing American Petroleum Institute figures on Tuesday.