Oman extends OPEC+ oil output cuts through June

Oman extends OPEC+ oil output cuts through June

Muscat – Oman and other OPEC+ member nations agreed to extend their voluntary cuts to oil production through the second quarter of 2024. The move is part of the OPEC+ group’s strategy to stabilise the oil market and prices by reducing supply. The sultanate will extend its additional voluntary cut of 42,000 barrels per day […]Muscat – Oman and other OPEC+ member nations agreed to extend their voluntary cuts to oil production through the second quarter of 2024. The move is part of the OPEC+ group’s strategy to stabilise the oil market and prices by reducing supply.

The sultanate will extend its additional voluntary cut of 42,000 barrels per day (bpd) of crude oil until the end of June 2024, in coordination with some OPEC+ participating countries, the Ministry of Energy and Minerals announced.

This voluntary cut is in addition to the voluntary cut of 40,000 bpd previously announced by Oman in April 2023, which extends until the end of December 2024.

‘Accommodating the additional cuts during the second quarter of this year, Oman’s production will be 759,000 bpd until the end of June 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market