Oman will decide on production cuts only after it attends OPEC meeting on December 10, the country’s oil and gas minister has said.
Last week, OPEC agreed in Vienna to implement a combined output cut of 1.2 million barrels per day, effective January 2017. It hopes non-OPEC members will contribute another 600,000 barrels per day in output cuts.
The terms and conditions of the output cuts to be discussed on December 10 in Vienna.
“We will discuss the terms and conditions of a production freeze or cut with other countries. Oman will co-operate to achieve the planned target. Our percentage decrease in production will depend on the meeting and how much we are asked to cut,” Times of Oman quoted Dr Mohammed Al Rumhy as saying.
Oman is the largest non-OPEC oil producer in the Middle East, pumping one million barrels per day.
Al Rumhy said the proposed daily cut of 1.2 million barrels “was not enough,” but the move was in “the right direction”.
“The only way out I see is production cuts, as the market is still over-supplied. Although a cut of 1.2 million barrels a day won’t be enough, I believe we are heading in the right direction,” he added.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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