Friday, March 29, 2024 | Ramadan 18, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Sultanate sets output cap for oil companies

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MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for March delivery reached $53.72. The DME statement on Thursday said that the price of Oman oil rose $1.52 from the price of Wednesday, which was $52.20.


The average price of Oman oil for January delivery has stabilised at $44.54, thus $4.64 per barrel lower than December delivery 2016.


Meanwhile, the Ministry of Oil and Gas said that an agreement has been made for specifying the production share of each oil company operating in the Sultanate.


The ministry said in a statement published on Thursday that the agreement comes in line with the government’s commitment to reduce its daily oil production starting from January 1.


As per the agreement, Petroleum Development Oman (PDO) will produce 652,000 barrel per day (bpd), Occidental Oman 218,585 bpd, Daleel Petroleum 48,000 bpd, CC Energy 41,000 bpd and other companies 10,509 bpd. The total production of these companies will be 970,094 bpd. — ONA


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