Mubasher: Oman’s Minister of Oil and Gas, Mohammed bin Hamad Al Rumhi, expected the average oil prices to reach $55 during 2017, stressing the seriousness of the oil-producing countries to reduce the output to 1.8 million barrels per day, Kuwait News Agency (KUNA) reported on Sunday.
Al Rumhi said that OPEC members will cut its production by 1.2 million barrels per day, according to the resolutions of the Vienna meeting, while non-cartel producers will reduce by 600,000 barrels a day.
The minister asserted that his country will support the agreement by cutting its total daily production by 3-4%.
Al Rumhi expected oil prices to increase in the upcoming years, specially with the potential of a decline in the production of some oil-producing countries due to the fall in investments oil and gas explorations by about $1.5 trillion during the period of low oil prices.
Al Rumhi pointed that the Sultanate is currently planning to invest nearly $ 4 billion in new oil projects to be funded by the government and partners in the Petroleum Development Oman (PDO).
