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Oman expects oil prices to remain in $65-$75 range, says energy minister

Oman expects oil prices to remain in $65-$75 range, says energy minister

Oman expects oil prices to remain between $65 and $75 per barrel until the end of 2019, according to Omani energy minister Mohammed bin Hamad al-Rumhy.

Additionally, the state-run Oman News Agency (ONA) quoted the minister as saying that the Sultanate remains committed to the OPEC+ agreement until the end of 2019.

As part of the December 2018 agreement between OPEC member states, Russia and a number of non-OPEC products, OPEC+ agreed to reduce oil production by 1.2 million barrels per day for a six-month period beginning on January 1 of this year.

According to Reuters calculations based on Dubai Mercantile Exchange data, the official selling price for Omani crude in May will rise by $2.50 to a five-month high of $66.98 per barrel.

Oil prices are expected to fall, however, if Russia only agrees to a three-month extension of the OPEC+ deal.

The ONA report also said Oman was conducting a feasibility study regarding taking a 30 percent state in a new oil refinery project on Sri Lanka’s south coast, the first in the island nation in 52 years.