KUALA LUMPUR: The Organization of Petroleum Exporting Countries (OPEC)’s decision to cut oil production is a boon for the oil and gas (O&G) industry.
Malaysia External Trade Development Corporation (Matrade)’s chief executive officer Datuk Dzulkifli Mahmud said this when asked to comment on the 14-nation cartel's decision to cut oil production to around 32 million barrels per day.
He said OPEC's decision will help regulate oil prices and soften the surplus issue in the market.
It will also enable O&G service providers to secure better margins in the future, he said.
Dzulkifli was speaking to reporters today after the soft launch of the upcoming Asian Oil, Gas & Petrochemical Engineering Exhibition (OGA 2017) to be held from July 11-13 next year.
OGA 2017's soft launch signals that O&G players can start registering for the bi-annual event now.
The event was part of the three-day Malaysian Oil & Gas Services Exhibition and Conferences which ends today.