KUALA LUMPUR (Dec 21): National oil firm Petroliam Nasional Bhd (Petronas) will make a voluntary adjustment to Malaysia's crude oil production starting from January 2017.

In a statement today, Petronas said following the pact made in Vienna on Dec 10 between OPEC and non-OPEC producers, it will make a voluntary adjustment to its oil production.

"This voluntary adjustment, taking into consideration prevailing market conditions and prospects, is expected to involve up to 20,000 barrels per day (bpd) of crude oil from the country's 2016 average production," it said.

Almost a dozen non-OPEC producers have agreed to reduce their crude oil output in a bid to support OPEC's efforts to prop up prices.

Among them are Mexico, which has pledged to cut 100,000 bpd from its daily total; Azerbaijan, which agreed to reduce production by 35,000 bpd; and Oman, which will cut 40,000 bpd from its daily output. Kazakhstan also joined the agreement, pledging a 20,000-bpd reduction.

Other participants included Bahrain, Bolivia, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan.