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Mon 13 Dec 2010 04:44 PM

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Non-OPEC member Oman says current oil price fair

Gulf Arab state plans to boost its production to 1 million barrels a day by 2015

Non-OPEC member Oman says current oil price fair
OIL PRICE: Oil rose on Monday, with US crude for January 1 trading at $88.87 a barrel at 1047 GMT(Getty Images)

Non-OPEC producer Oman sees

current oil prices as fair, its oil minister said on Monday,

adding the Gulf Arab state plans to boost its production to 1

million barrels a day by 2015.

"Due to the weakness of the US dollar, the current oil

price is fair," Mohammad Al Rumhy told Reuters on the sidelines

of an event.

Oil rose on Monday, with US crude for January 1

trading at $88.87 a barrel at 1047 GMT.

The Organisation of the Petroleum Exporting Countries

decided on Saturday, as expected, to maintain its production

policy and leading member Saudi Arabia said it still favoured

oil prices between $70 and $80 per barrel.

Rumhy said oil production stood at 875,000 barrels per day

(bpd) at the end of November.

Last year, Rumhy predicted 2010 Omani oil output at between

850,000 to 900,000 bpd, boosted by its investments in

production.

"We are working on achieving a million barrels a day by

2015," Rumhy said on Monday.

Oman is a small producer, but its crude is used to set the

price for around 12 million bpd of crude exports to Asia from

some of the largest exporters in the world in the Gulf.

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