Omani Energy Minister Mohammed bin Hamad al-Rumhy said he expected global oil prices to stay in a range between $65 and $75 a barrel until the end of the year, the state-run Oman News Agency (ONA) reported.
He was also quoted as saying Oman remained committed to the OPEC+ agreement until the end of 2019.
Under the accord reached in December 2018, members of the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other non-OPEC producers — an alliance known as OPEC+ — agreed to reduce oil supply by 1.2 million barrels per day from Jan. 1 for six months.
The OPEC+ alliance was formed in 2017. Since its inception, oil prices have doubled to more than $60 per barrel, mainly as a result of a series of production cuts by its members. Read more
Latest posts by ET Energy World (Reuters Copy) (see all)
- India Cuts Tax Rate On Electric Vehicles To Boost Uptake - July 28, 2019
- Russia, OPEC May Ditch Oil Deal To Fight For Market Share: Russian Minister - April 14, 2019
- Political Turmoil Not Affecting South Sudan Crude Oil Flow – Minister - April 14, 2019