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