Muscat: The Sultanate of Oman has confirmed its support for the Opec Plus member states' decision to partially cut oil production, which is based on economic considerations and supply and demand data, with the aim of achieving the desired stability of the global market
The decision was made in agreement among all member states, the Ministry of Foreign Affairs said.
The OPEC+ alliance announced a 2 million barrels a day cut in oil production an amount that could drive oil and gas prices back up after weeks of a downward trend.
Salim bin Nasser bin Said Al Aufi, Minister of Energy and Minerals, earlier said that OPEC+ decisions are based on purely economic considerations, realities of supply and demand in the market. "OPEC+ output cut decision was important and necessary to reassure the market and support stability," the ministry added.
Kuwait Petroleum Corporation Chief Executive Nawaf Saud al Sabah welcomed the decision by OPEC+ and said the country was keen to maintain a balanced oil market, state news agency KUNA reported.
Oil inventories in major economies are lower than when OPEC cut output in the past. Some analysts have said that recent volatility in crude markets could be remedied by a cut that would help attract investors.