P.M. BRIEFING : Malaysia to Boost Oil Output
The government-owned National Petroleum Corp. will increase its daily oil production by 10,000 barrels to help meet the demand of countries dependent on Iraqi and Kuwaiti crude, Prime Minister Mahathir Mohammed said today.
The Cabinet decided that half of the daily additional volume will be for Assn. of Southeast Asian Nations member countries; the other 5,000 barrels will go to non-oil producing nations, Mahathir said.
Malaysia currently produces 595,000 barrels of crude a day and exports about 420,000 barrels daily, mainly to Japan, South Korea, the Philippines, Singapore and Thailand.
The ASEAN countries are Thailand, the Philippines, Indonesia, Singapore, Brunei and Malaysia.
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