‘Oil output cut to be extended’

“I believe most of them would be in downstream sector like refineries. Wherever it is, it is certain to create jobs.”

A top official of construction company, Mohammad Kabir Ahmed, managing director of United Dreams LLC, said: “We would like to see its effect on the construction industry. Both upstream and downstream projects require construction. The sector can get back to life if the trickledown effect is felt by construction companies.”

Referring to the proposed plan for extending oil production cuts to eliminate a glut in the market, the minister said; “There is almost a consensus to extend the agreement until the end of 2018. So, we will continue with the same production level until next year-end.” Oman has been cutting daily production by 45,000 barrels a day, which is in line with an agreement between the Organisation of Petroleum Exporting Countries (Opec) and non-Opec members to slash production levels by a total of 1.8 million barrels per day. The Opec and other non-Opec producers will meet on November 30 in Vienna to decide on oil output policy.

The Sultanate’s crude oil output stood at 235.33 million barrels in the first eight months of 2017, against 244.79 million barrels in the same period last year.

The country’s total exports declined by 9 per cent on a yearon-year basis in the first seven months of this year, to 197.08 million barrels from 216.46 million barrels.