Oman says it’s prepared to slash oil output# Stock
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http://www.marketwatch.com/story/oman-says-its-prepared-to-slas
Oman is the first major non-OPEC oil producer to say it would slash its
output in coordination with other countries, as the resumption of Iranian
exports of crude weighed heavily on oil prices on Monday.
Oman would be ready to cut 5% to 10% of its total crude oil production, if
other producers were willing to do the same to stabilize the oil market,
said Mohammad bin Hamad al-Rumhy, Oman’s oil minister, on the sidelines of
a conference in Abu Dhabi on Monday.
“Oman is ready to do anything that would stabilize the oil market,” the
minister said. “5% or 10% is what I think we need to cut and everyone has
to do the same.”
OPEC members, such as Venezuela, have called for a reduction in the cartel’
s oil production and have requested that other countries join them in the
effort, in the hope that cuts would boost prices. Saudi Arabia, OPEC’s
largest producer and de facto leader, has said it won’t cut unless other
countries do too.
An expanded version of this report appears at WSJ.com.
Oman is the first major non-OPEC oil producer to say it would slash its
output in coordination with other countries, as the resumption of Iranian
exports of crude weighed heavily on oil prices on Monday.
Oman would be ready to cut 5% to 10% of its total crude oil production, if
other producers were willing to do the same to stabilize the oil market,
said Mohammad bin Hamad al-Rumhy, Oman’s oil minister, on the sidelines of
a conference in Abu Dhabi on Monday.
“Oman is ready to do anything that would stabilize the oil market,” the
minister said. “5% or 10% is what I think we need to cut and everyone has
to do the same.”
OPEC members, such as Venezuela, have called for a reduction in the cartel’
s oil production and have requested that other countries join them in the
effort, in the hope that cuts would boost prices. Saudi Arabia, OPEC’s
largest producer and de facto leader, has said it won’t cut unless other
countries do too.
An expanded version of this report appears at WSJ.com.
