MUSCAT: Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, said on Monday that he was confident there would be an agreement among global oil producers later this month to extend output cuts.
Oman’s current production is 968,000 barrels per day, and the country is abiding by its quota, he remarked on the sidelines of an energy conference in Abu Dhabi. The Organisation of Petroleum Exporting Countries (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 year-on-year basis in the first seven months of this year, to 197.08 million barrels from 216.46 million barrels. The Oman government has been encouraging multinational oil giants to find new reservoirs, in a move to sustain production levels.
The United Arab Emirates Energy Minister Suhail bin Mohammed Al Mazroui stated he was optimistic about the oil market next year, as it was likely to continue its recovery. Mazroui said the global oil producers’ supply cuts had helped remove almost 180 million barrels from storage in less than a year. Whatever Opec decides on future policy later this month, the UAE will be committed to it, he added.