Oman announces additional reductions in crude oil production

Oman announces additional reductions in crude oil production

Muscat: The Sultanate of Oman announced an extension of its voluntary reduction of 42,000 barrels of crude oil per day for the second quarter of this year until the end of June 2024 in coordination with some countries participating in the OPEC Plus agreement.

This is an addition to the earlier voluntary reduction of 40,000 barrels per day, which the Sultanate of Oman previously announced in April 2023, which will continue until the end of December 2024.

The Ministry of Energy and Minerals added in a statement: “This additional voluntary reduction comes to strengthen the precautionary efforts made by OPEC Plus countries to support the stability and balance of oil markets. These additional reduction amounts will be restored gradually according to market conditions.”