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