Oman supports Saudi-Russian agreement on oil cut extension
May 15, 2017 | 5:51 PM
by Reuters/Times News Service
Mohammed bin Hamad Al Rumhy. - Times file picture

Dubai: Oman fully supports a proposal by Saudi Arabia and Russia to extend a global oil supply cut until the first quarter of 2018, its oil minister Mohammed bin Hamad Al Rumhy said on Monday.

Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday on the need to extend oil output cuts for a further nine months until March, 2018 to rein in a global crude glut, pushing up prices.

Organisation of Petroleum Exporting Countries (Opec) and non-Opec countries last year decided to cut daily production by 1.8 million barrels for the first six months of 2017. As part of the deal, Oman decided to slash its output by 45,000 barrels per day until June this year.

Oman plans to limit its crude oil production to 970,000 barrels per day (bpd) this year instead of an original plan of 1,001,000 barrels a day, if the ongoing capping on output continues for the rest of the year. This was against last year’s average oil production of 1,004,300 barrels per day.

Subscribe to our newsletter and be the first to know all the latest news