Indonesia rubber producers will cut production by 100,000 tons in the fourth quarter to fulfill agreements with Thailand and Malaysia,Jakarta Post reported on Friday.

Officials and exporters are slated to meet next week in Bogor, West Java, to discuss appropriate ways to implement the cut, the new chairman of the Indonesian Rubber Association (Gapkindo) Daud Husni Bastari said.

"We will discuss technicalities to implement the reduction, including mechanisms to supervise the implementation so the plan can be run effectively," Daud said.

Indonesia is the world's second largest rubber producer.

On Aug. 29, the three Southeast Asian nations, which account for around 70 percent of global rubber production, agreed to reduce shipments by 300,000 tons starting on October 1 to boost prices that have slumped in recent months.

The three nations also plan to cut down 100,000 hectares of aging trees to supplement the reduction.

The actions would remove about 450,000 tons of natural rubber from the market, according to the International Tripartite Rubber Council, which is comprised of state agencies and exporters.

The reduction of shipments and supply will also be monitored by Gapkindo's monitoring and surveillance committee.

Local farmers would reduce their tapping frequency from three to two times a week, while exporters would commit to buy rubber from farmers for stock, Daud said.

According to Gapkindo's forecast, rubber exports would likely plunge 6.25 percent to 2.4 million tons from 2.55 million tons last year.