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