In regard to the oil price, the Minister at the Prime Minister's Office and Second Minister of Finance said even though the oil price is expected to stabilise, it is still at a far lower rate compared to the price of more than a hundred dollars per barrel achieved by the commodity 3 years ago.

What is certain, according to Yang Berhormat Pehin, is that as an oil producing nation, the world oil's position will continue to affect the country's economy. Therefore, the government is cooperating with members of OPEC for the nation's crude oil production to stabilise the world oil price.

Yang Berhormat Pehin said in supporting the efforts to stabilise the world oil price, Brunei Darussalam and 10 non-OPEC oil producing nations have agreed to take part in the OPEC- Non OPEC member's declaration of cooperation in December 2016. Through such cooperation, the country implement the voluntary coordination for the crude oil production starting on the 1st of January 2017 for 6 months which can be extended for another 6 months depending on the current prospect and market situation.

Source:
@BRUDIRECT.COM

by BRUDIRECT.COM

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