Omani Oil Minister Sees Prices Staying In $65-$75 Range Until Year-end


Omani Oil Minister Sees Prices Staying In $65-$75 Range Until Year-end

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

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