Oman to Extend Deal to Cut Crude Output

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man is ready to back an extension of the current agreement between 24 oil producing countries to cut crude output to support prices, a senior Omani official said Monday.

Oman in December 2016 agreed to cut monthly crude production by 45,000 b/d from October’s near-record high of 923,000 b/d for six months starting January as its obligation under the unprecedented agreement between OPEC and a group of other major international oil producers to cooperate on limiting output.

Oman, the largest Arab oil producer outside OPEC, last year produced an average 1.004 million b/d of combined crude and condensate, government data show. Before last December’s agreement to cut output, 2017 production was expected to average 1.001 million b/d, said Oil and Gas Undersecretary Salim Al Audi.

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