MUSCAT: Oman’s Minister of Oil and Gas said the country will cut its oil production by 200,000 barrels per day after OPEC nations and Russia agreed a record oil deal to slash global output by about 10 per cent.
“The fuel demand in the local market has fallen by 50 per cent as we took measures to control the COVID-19 pandemic,” His Excellency Dr. Mohammed bin Hamad Al Rumhy said in an interview with Oman newspaper on Monday.
According to the Minister, the Sultanate’s production will be reduced to 682,000 barrels per day over the period May to June in addition to 180,000 barrel per day of crude oil and condensates bringing the total production to 830,000 bpd.
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“This OPEC+ production cut agreement will likely rebalance the supply-demand in the international oil market,” he added.
