Oman says ready to cut oil output by 5-10% to prop up prices

Sultanate's oil minister says prepared to 'do anything' to stabilise market which has seen prices drop to 2003 lows
Oman says ready to cut oil output by 5-10% to prop up prices
Omani oil and gas minister, Mohammad bin Hamad al-Rumhy. (AFP/Getty Images)
By Reuters
Mon 18 Jan 2016 02:04 PM

Oman is ready to cut oil output by between five and 10 percent to prop up prices and all producers should do the same, its oil minister said on Monday, adding that the Gulf sultanate was prepared to "do anything" to stabilise the market.

When asked about discussions between OPEC and non-OPEC exporters on the oil market, Mohammad bin Hamad al-Rumhy told reporters that Oman is ready to cut "5 or 10 pct is I think is what we need to cut... that's the idea and everybody should do the same."

Oman's production is close to one million barrels per day (bpd), he said, adding he did not expect it to rise any further this year.

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