$75 per bar­rel of oil good price for Oman: Rumhy

Oman Daily Observer - - FRONT PAGE -

MUS­CAT: Dr Mohammed bin Ha­mad al Rumhy, Min­is­ter of Oil and Gas, stressed that the oil mar­ket is head­ing to­wards sta­bil­ity af­ter the price of a bar­rel of oil reached $60, ex­pected the price of a bar­rel dur­ing the next year will range from $60 and $65, which is much bet­ter than the prices recorded dur­ing the past two years.

This state­ment by the Min­is­ter of Oil and Gas came dur­ing the sign­ing cer­e­mony of new oil and gas ex­plo­ration agree­ments in a num­ber of con­ces­sion ar­eas.

He added that the price of $75 per bar­rel of oil is a good price for the Sul­tanate’s econ­omy.

He said the next OPEC meet­ing to be held in Vienna on Novem­ber 29 is ex­pected to reach a com­pro­mise for­mula to main­tain the sta­bil­ity of prices and keep them within the ap­pro­pri­ate lim­its.

He ex­plained that the cost of oil pro­duc­tion in the Sul­tanate is at good lev­els and there are ef­forts of com­pa­nies to de­velop bet­ter pro­duc­tion tech­niques, which re­duces the cost of pro­duc­tion.

He said that the oil and gas sec­tor over the past years of the Blessed Re­nais­sance has re­ceived the at­ten­tion and care of the Gov­ern­ment of His Majesty Sul­tan Qa­boos, recog­nis­ing the im­por­tance and po­si­tion of the sec­tor in the de­vel­op­men­tal process wit­nessed by the Sul­tanate in var­i­ous fields.

The Min­is­ter of Oil and Gas said that the sec­tor wit­nessed many stages of de­vel­op­ment and mod­erni­sa­tion, which con­trib­uted to in­crease its con­tri­bu­tion to the GDP of the Sul­tanate and there are many am­bi­tions that the gov­ern­ment seeks to achieve dur­ing the com­ing pe­riod, in­clud­ing fo­cus on ex­plo­ration and drilling pro­grams, specif­i­cally in the gas sec­tor.

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