Oman supports OPEC+ efforts to maintain market stability

The Sultanate of Oman supports the efforts of OPEC+ members to main market stability in the oil and gas sector, the Ministry of Oil and Gas said on Friday.

'The Sultanate of Oman supports #OPEC+ efforts to maintain market stability in the face of distortions and volatility. The OPEC+ member countries participating in the Declaration of Cooperation (DoC), have demonstrated their relentless commitment, agility, and flexibility to deal with the challenges that the global oil market has faced over the past several years, especially in 2020,' the statement said.

Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the US Federal Reserve about economic pain ahead.

The impression remains that Saudi Arabia is not willing to tolerate any price slide below $90. Speculators could view this as an invitation to bet on further price rises without the need to fear any more pronounced price declines,' Commerzbank said in a note.

Oil prices briefly fell after Fed Chair Jerome Powell said tight monetary policy may be in store for some time to fight inflation, meaning slower growth, a weaker job market, and 'some pain' for households and businesses.