Oman oil minister says majority of OPEC and its allies support cut

Oman Oil Minister Mohammed bin Hamad Al-Rumhi attended the meeting in Abu Dhabi on Sunday. (File/AFP)
  • Al-Rhumi was speaking in Abu Dhabi where an oil market monitoring committee was held on Sunday, attended by top exporters Ƶ and Russia
  • He said a consensus in needed, indicated that Russia would also need to approve any decision

ABU DHABI: A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad Al-Rumhi said on Sunday.
“Many of us share this view,” the minister said when asked about the need for a cut. Asked if it could amount to 500,000 or one million barrels per day, he replied: “I think it is unfair for me to throw numbers now.”
He was speaking in Abu Dhabi where an oil market monitoring committee was held on Sunday, attended by top exporters Ƶ and Russia.
“We need a consensus,” he said, indicating that non-OPEC Russia would need to approve any decision. Oman is also not a member of the Organization of the Petroleum Exporting Countries.
Ƶ is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.