Opec oil deal lifts markets

At the same time, he said the Opec decision is bullish only for the first half of 2017 and bearish for the second half because higher prices are likely to bring back US oil faster to the market.

The total fiscal deficit at the end of third quarter this year reached RO 4.552 billion as against RO 4.371 billion a month ago.

According to the minister, the nonOpec producers’ current decision to cut between 3 and 4 per cent of their oil production is less than what Oman was ready to do.

Although he did not reveal up to what extent the country is prepared to cut, reports indicate that Oman is willing to cut production by 5 to 10 per cent.

Oman’s crude oil production marginally fell by 0.86 per cent to 31.37 million barrels in October this year, according to the monthly report released by the Ministry of Oil and Gas. This is equivalent to 1,011,892 barrels per day.

Meanwhile, the Minister of Energy and Industry at the Office of the Prime Minister of Brunei in his speech presented the available investment opportunities in the Sultanate of Brunei. He pointed out that the meeting will enhance cooperation between the two sides as the oil price drop crisis requires the collaboration of all efforts and exchange of expertise and success stories to overcome the crisis.

The meeting started with a number of presentations. Glass Point Solar Company made a presentation or Mirror project for the generation of steam using solar energy in Amal oilfield of PDO. The Secretary General of Energy at the Office of Brunei prime Minister spoke on utilizing solar energy in power generation.

PDO made a presentation on its LEEN system which aims at reducing the waste from operation and identifying the practices that add value. The Brunei side then made a presentation on the Brunei viewpoint about oil price drop.

At the end of the day, the Omani and Brunei sides visited Gulf Mushroom Products Company SAOG at Al Rumais in the Wilayat of Barka.