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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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Moody’s Lifts Oman to Investment Grade, Citing Stronger Debt Metrics

Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
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Moody’s Lifts Oman to Investment Grade, Citing Stronger Debt Metrics

Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)
Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)

Credit ratings agency Moody's upgraded Oman's long-term issuer and senior unsecured ratings to "Baa3" from "Ba1" on Thursday, citing expectations of continued improvement in debt ratios and resilience to lower oil prices.

"We expect Oman's debt metrics to remain robust and consistent with a Baa3 rating even under alternative scenarios where oil prices moderate below our medium-term assumption of $65/barrel," Moody's said in a statement.

The agency, however, revised Oman's outlook to "stable" from "positive", noting that the country's medium-term fiscal outlook remains vulnerable to declines in global oil demand and prices due to its still-heavy economic and fiscal reliance on the hydrocarbon sector.

Moody's said stronger debt metrics provide the government with greater fiscal space and time to implement structural reforms that could, over time, reduce its dependence on hydrocarbons and potentially support a higher rating.