Oman to cut oil by 45,000 bpd af­ter non-OPEC meet­ing

Kuwait Times - - BUSINESS -

Omani Min­is­ter of Oil and Gas Dr Mo­hammed bin Ha­mad Al-Rumhy said yes­ter­day that his coun­try will cut oil out­put by 45,000 bar­rels per day fol­low­ing the de­ci­sion by the non-OPEC coun­tries to cut their oil out­put by 558,000. “Oman sup­ports such agree­ment and is ready to com­mit to pre­vi­ous an­nounced quota by about 3-4 per­cent to the to­tal of oil pro­duc­tion.

The de­ci­sion, to take ef­fect on Jan­uary 1 for a re­new­able six-month pe­riod, will en­sure fair prices for both pro­duc­ers and con­sumers. Among the non-OPEC par­tic­i­pants at the meet­ing were 12 oil ex­port­ing coun­tries Azer­bai­jan, Oman, Mex­ico, Su­dan, South Su­dan, Bahrain, Malaysia, Equa­to­rial Guinea, Bo­livia, Kaza­khstan and Rus­sia.

The par­ties to the ne­go­ti­a­tions also agreed to form a spe­cial group to mon­i­tor the ob­ser­vance of the agree­ment both by the OPEC and non-OPEC coun­tries. The group would con­sist of three OPEC mem­bers and two non-OPEC coun­tries, Rus­sian En­ergy Min­is­ter Alek­sandr No­vak said at the press con­fer­ence Yes­ter­day.

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