Dr Rumhy to address Opec International Seminar today
Oman’s Minister of Oil and Gas, Dr Mohammed bin Hamed al Rumhy (pictured), is among a roster of international dignitaries due to address the inaugural session of the 7th Opec International Seminar, which opens in Vienna today.
The two-day forum, billed as an exclusive gathering for high-ranking representatives from government, business, science and academia, will preface a keenly anticipated meeting of Opec and non-opec producers which takes place in the Austrian capital during June 2223, 2018.
At the latter event, Opec members and non-members will weigh a proposal, strongly backed by energy heavyweights Russia and Saudi Arabia, for an easing of a mutually agreed production cap by around 1.5 million barrels of crude oil per day. That agreement, forged by an alliance of 24 members in November 2016, is credited with virtually eliminating copious inventories and contributing to a gradual rally in oil prices that have lifted Brent crude to over $75 per barrel on Monday.
Non-opec member Oman has played a pivotal role in the historic agreement between Opec and non-opec producers to cut 1.8 million barrels per day from global output – a pact that came into force in January 2017 and is due to expire at the end of this year.
The Sultanate has been urging Opec and non-opec producers to explore and entrench mechanisms for continued dialogue between the two sides with an eye on potential crises erupting in the future. Success on this is not only imperative to the goal of sustaining a balance in global oil markets, but also fuelling much-needed investment in upstream energy sector, it has stressed.
Speaking at the 5th Oil & Gas Conference held in Kuwait in April, Dr Al Rumhy noted: “I call for the signatories of the (cooperation) declaration agreement, those 24 nations from Opec and non-opec, to continue the dialogue, the understanding and commitment in maintaining the market conditions that will encourage investment.”
Xinhua also quoted Dr Al Rumhy as warning that Opec had been ill-prepared to deal with the oil price slump that roiled global energy markets in 2014.