Oman expects oil prices to stay between $70-$80

MUSCAT: Omani Minister of Oil and Gas, Mohammed bin Hamad Al-Rumhi (right), Bahrain’s Oil Minister, Mohammed bin Khalifa Al-Khalifa (second left), Raoul Restucci, Managing Director Petroleum Development Oman (center) look at a project display at the World Heavy Oil Congress and Exhibition in the Omani capital Muscat yesterday. — AFP

DUBAI: Oman’s Oil Minister Mohammed bin Hamad Al-Rumhi said yesterday he expects oil prices to remain between $70 to $80 a barrel this year, Omani news website WAF reported on Twitter.
Saudi Arabia, Kuwait and the United Arab Emirates are the only three countries that have the capacity to increase oil production, he said at an oil conference in Oman. OPEC and its allies pledged on June 22-23 to return to 100 percent compliance with their agreement to reduce their combined output by 1.8 million bpd. The pact was first implemented in January 2017. –Reuters

This article was published on 03/09/2018