Oman committed to oil output adjustments

MUSCAT, MAY 7 – The Sultanate will continue with the commitment to maintain crude oil production adjustments till the end of this year. Speaking to the Observer on the sidelines of Oman Plast 2018, Salim bin Nasser al Aufi, Under-Secretary, Ministry of Oil and Gas, said, “Until the end of this year we are committed. We haven’t discussed anything beyond”. Oman has been supporting continued coordination between Opec and non-Opec producers that would help balance market demand and supply.“Now the prices are stabilising and the market supply demand position is also catching up. Any call to either exit or continue with the commitment will be taken only at the end of this year”, Al Aufi said.
Non-Opec Oman is one of 24 producers that signed off on the landmark ‘Declaration of Cooperation’ in December 2016, committing signatories to voluntary production adjustments widely credited with helping stabilise the global oil market. “There may be an opportunity to start slowly exiting from the commitment. I don’t think anyone — Opec or non-Opec member — is advocating of going back to normal production level”, Al Aufi said.