Oman to reduce crude oil production as part of OPEC+ agreement

The Sultanate of Oman has decided to voluntarily reduce crude oil production by 40,000 barrels per day from next May until the end of 2023, in coordination with the countries participating in the “OPEC Plus” agreement. In the same context, the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) announced a voluntary reduction in their crude oil production. The Saudi Ministry of Energy said that the Kingdom will implement a voluntary reduction in its crude oil production of 500,000 barrels per day, starting from next May until the end of 2023.