Oman to attend oil producers' Doha meet next month
Dr Mohammed bin Hamad Al Ruhmy, Minister of Oil and Gas, will attend the meeting on April 17
Oman is planning to attend a meeting of oil producers in Qatar on April 17 to discuss a global pact to freeze production to support prices, its Ministry of Oil and Gas has announced.
Dr Mohammed bin Hamad Al Ruhmy, Minister of Oil and Gas, will attend the meeting.
The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers will meet in the Qatari capital Doha next month, following an initial deal in February between Saudi Arabia, Qatar, Venezuela and non-OPEC member Russia.
Al Rumhy had earlier said that he is confident of crude oil prices recovering after the proposed oil producers meeting to decide on freezing output.
According to Al Rumhy, oil prices might recover by 25% by the end of the year, from the current level of around $37 per barrel for Oman Crude.
There are expectations of prices touching $60 or $70 per barrel towards the end of the year.
The minister earlier noted that non-OPEC Oman was willing to cut production by 5 to 10%, although that would hardly help in addressing the current oversupply situation, since the country is not a major oil producer.
The Sultanate, if needed, can manage a reduction in crude oil production by cutting the output of state-owned Petroleum Development Oman (PDO), Al Ruhmy had said.