Oman to Extend Deal to Cut Crude Output


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.

Leave a Reply

Notify of