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Malaysia: OPEC+ Decision to Cut Output Made to Address Market Uncertainties

A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
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Malaysia: OPEC+ Decision to Cut Output Made to Address Market Uncertainties

A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties.

Malaysia joins other OPEC+ countries this week in backing a steep cut to the group's output target.

"OPEC+ countries collectively took into consideration factors that include market fundamentals, particularly to address uncertainties in the global oil supply and demand situation," Malaysia's economy minister Mustapa Mohamed said in a statement issued on Tuesday.

"In view of the prospect of prolonged uncertainties, Malaysia will continue our close collaboration with OPEC+ to ensure the stability of the global oil market."

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US-India Trade Talks Scheduled for August Called Off, Source Says

Shipping containers are seen on a ship at the Jawaharlal Nehru Port in Navi Mumbai, India, August 11, 2025. REUTERS/Francis Mascarenhas/File Photo Purchase Licensing Rights
Shipping containers are seen on a ship at the Jawaharlal Nehru Port in Navi Mumbai, India, August 11, 2025. REUTERS/Francis Mascarenhas/File Photo Purchase Licensing Rights
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US-India Trade Talks Scheduled for August Called Off, Source Says

Shipping containers are seen on a ship at the Jawaharlal Nehru Port in Navi Mumbai, India, August 11, 2025. REUTERS/Francis Mascarenhas/File Photo Purchase Licensing Rights
Shipping containers are seen on a ship at the Jawaharlal Nehru Port in Navi Mumbai, India, August 11, 2025. REUTERS/Francis Mascarenhas/File Photo Purchase Licensing Rights

A planned visit by US trade negotiators to New Delhi from August 25-29 has been called off, a source said, delaying talks on a proposed trade agreement and dashing hopes of relief from additional US tariffs on Indian goods from August 27.

The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date that has yet to be decided, the source with direct knowledge of the matter said.

The US embassy in New Delhi said it has no additional information on the trade and tariff talks, which are being handled by the United States Trade Representative (USTR).

India's trade ministry did not immediately reply to a Reuters email seeking comments.

Earlier this month, US President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations.

The new import tax, which will come into effect from August 27, will raise duties on some Indian exports to as high as 50% - among the highest levied on any US trading partner.

Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases.

India's Foreign Ministry has said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia.