Oil prices to remain at current levels in 2018

Muscat: The World Heavy Oil Congress & Exhibition (WHOC) commenced at Oman Convention and Exhibition Centre (OCEC) on Monday to examine and deliberate how rapid innovation and technological advancements in the heavy oil sector are reshaping the future oil mix.

Speaking at a panel discussion, Dr Mohammed bin Hamad al Rumhy, Minister of Oil & Gas, has said that oil prices will remain between $70-80 this year and did not expect the prices to be higher than these levels. He also revealed that a weak dollar is good for oil prices.

Al Rumhy said that finding jobs in the oil sector is a big challenge and added that the private sector should work jointly with the government, and not leaving everything to the government.

He added that the private sector is reluctant to as an investor in oil and gas projects, even with a small share and instead prefer to have service contracts.

Shaikh Mohammed bin Khalifa al Khalifa, Minister of Oil of the Kingdom of Bahrain, said the shale oil is focused on light oil production and the United States will inevitably have to import heavier oil for some of its industries.

He agreed with Rumhy that large projects in the oil and gas sector do not necessarily employ people in huge numbers due to automation and technology advancement.

Al Khalifa, however, said, large projects do create indirect jobs because the benefits are passed on to number of other sectors.