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Oman crude hits 18-month high at $55

Oman crude hits 18-month high at $55

MUSCAT: Oman’s crude oil (March delivery) price crossed $55 per barrel for the first time in nearly two years, according to a tweet by the Ministry of Oil and Gas. The rise in prices comes as an Opec deal to cut crude oil production by nearly 1.8 million barrels per day kicked off at the start of this month.

Oman will cut production by 45,000 barrels per day to honour its commitment with Opec members. Early this week, Oman unveiled the country’s budget for 2017, which projected the oil prices at $45 per barrel.