Oman extends oil production cut to 2024

Oman extends oil production cut to 2024

Oman extends oil production cut to 2024

4 Jun 2023

Muscat – Oman will extend its voluntary cut of 40,000 barrels of oil per day until the end of December 2024, the Ministry of Energy and Minerals announced on Sunday.

The decision, it said, was ‘a precautionary measure, in coordination with the countries participating in the OPEC Plus agreement, which had previously announced voluntary cuts in April’.

It further said that this voluntary cut will be from the required production level, as agreed upon in the 35th ministerial meeting of OPEC Plus.

The OPEC Plus alliance of 23 oil-producing countries reached an agreement on Sunday to extend output cuts into 2024.