Crude price likely to touch $60

By Staff Reporter — MUSCAT: May 27 - Salim bin Nasser al Aufi, Under-Secretary of Ministry of Oil and Gas, said that the oil price on which Oman’s budget was based was around $45 a barrel, but due to the efforts of the producers concerned to maintain stability in the oil market, prices may rise in future to touch $55 to $60 a barrel. In an interview to Kuwait News Agency, he praised the decision reached by oil producers from within and outside the Opec to extend the output cut deal for another nine months ending in March 2018. “The agreement to extend the output-cut for a period of nine months came after extensive discussions involving more than five possible scenarios in the future,” Aufi told Kuna.