KUALA LUMPUR (June 9): Economy Minister Akmal Nasrullah Ahmad Nasir said Malaysia will maintain its petroleum production quota under the Opec+ framework in 2026, in line with agreements reached during the producer group's meeting in Vienna over the weekend.
The decision provides greater certainty for the country's oil and gas sector as producers navigate volatile global energy markets and supply concerns.
"We have commitments under Opec+, and it has been agreed that the 2026 quota will remain unchanged from the previously agreed level," he said during a panel discussion at Invest Malaysia 2026 here on Tuesday.
Looking ahead, Akmal Nasrullah said Opec+ is conducting a review under its maximum sustainable capacity framework to reassess production allocations for 2027 based on member countries' output capabilities.
"The objective is to ensure quotas accurately reflect Malaysia's production capacity," he said. "Opec+ is undertaking a comprehensive assessment, and Malaysia is fully cooperating with the process."
Malaysia's production levels fluctuate from year to year due to operational factors, making it important that future quotas align with actual production potential, he added.