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.
Oman oil minister says majority of OPEC and its allies support cut
Updated 11 November 2018
Oman oil minister says majority of OPEC and its allies support cut
- 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
