Oman to Cut Oil Supplies by 20 Percent in October to Fulfill OPEC+ Obligations - Ministry
Oman has informed its oil purchasers that the country's petroleum supplies would be decreased by 20 percent in October in a bid to completely fulfill its commitments under the OPEC+ deal, a spokesperson for the Oil and Gas Ministry told Sputnik on Friday
MOSCOW (Pakistan Point News / Sputnik - 31st July, 2020) Oman has informed its oil purchasers that the country's petroleum supplies would be decreased by 20 percent in October in a bid to completely fulfill its commitments under the OPEC+ deal, a spokesperson for the Oil and Gas Ministry told Sputnik on Friday.
"Oman has informed all of its oil buyers that the country's contract volume of oil supplies and shipments would be reduced by around 20 percent in October in order to comply 100 percent with its OPEC+ obligations, by cutting production by 161,000 barrels per day in September, 2020," the spokesperson said.
Amid a global fall in oil prices, OPEC+ nations agreed in April to a historic output reduction deal to run through April 2022. Since May, the organization has been cutting output by 9.7 million barrels daily, although these cuts are expected to be eased to 8.1-8.2 million barrels per day from August.