Malaysia among 4 countries consulted to join Opec

Malaysia among 4 countries consulted to join Opec

Members of the Organization of the Petroleum Exporting Countries produce about 30% of the world's crude oil.

Opec says Malaysia is among the countries which shares the group’s common goal of stabilising oil prices. (Bloomberg pic)
PETALING JAYA:
Malaysia is among the four countries that have been consulted to join the Organization of the Petroleum Exporting Countries (Opec), said its secretary-general, Haitham Al Ghais.

The other three countries are Azerbaijan, Brunei and Mexico, Bernama reported.

All four countries are members of Opec+, a loose grouping of 23 countries that take part in Opec’s initiatives such as voluntary supply cuts.

Al Ghais said Opec was looking to increase the number of its member states to include countries that have the same strategic objectives of preserving and stabilising oil markets.

He said Malaysia and the other three countries were consulted to join Opec as they have been in solidarity with the organisation since 2017.

“They have gone through qualitative challenges during the collapse of the markets and the pandemic in 2020.

“Therefore, all of these countries have the common goal of stabilising the oil markets,” he said.

Founded in 1960, Opec aims to coordinate petroleum policies and ensure equitable and stable prices.

It currently has 13 member countries, most of which are Middle Eastern and African nations.

Opec nations produce about 30% of the world’s crude oil.

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