Malaysia raises oil output

Malaysia raises oil output

KUALA LUMPUR (AFP): Malaysia's petroleum output is expected to increase to 650,000 barrels per day (bpd) from 623,000 bpd last year, although its oil revenue is expected to dip slightly, the Business Times daily reported yesterday.

The government is expected to earn 10.337 billion ringgit (US$4.135 billion) from oil sales this year compared with 10.404 billion ringgit previously, the deputy minister in the Prime Minister's Department, Mohamed Nazri Aziz, told parliament Monday.

Nazri said that based on the current production rate, the country's petroleum reserves would last another 17 years.