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06-Jan-2017 : Energy and Industry Department at the Prime Minister’s Office Statement on Oil Production Adjustment

http://ei.gov.bn/Images1/EIDPMO%20Statement.png

Brunei Darussalam, together with 10 other non-OPEC producing countries, took part in the OPEC/non-OPEC Declaration of Cooperation made in Vienna, Austria on 10 December 2016. 

Brunei Darussalam has agreed to make a voluntary adjustment to the country’s crude oil production starting from 1 January 2017 for six months, extendable for another six months, depending on prevailing market conditions and prospects.  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 stabilize and foster a more sustainable global oil market.  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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