Oman Supports Deeper Oil Output Cut in (OPEC+)
Omani Oil Minister Mohammed bin Hamad Al-Rumhi said on Saturday 8 February 2020 that his country supports the recommendations made by the technical committee in (OPEC +, which is OPEC and its allies like Russia and some countries), to implement more deep oil production cuts for a short period until the end of June 2020.
The minister told Reuters: “Oman supports the recommendation from (OPEC+) to conclude a short and deep agreement to reduce oil production immediately until the end of the second quarter of 2020, while we continue to monitor the impact of the Coronavirus on the growth of demand for oil.”
Other sources told Reuters that the Joint Technical Committee JTC advises OPEC and its allies to make a temporary reduction of 600 thousand barrels per day.
The oil and gas sector in the Sultanate of Oman is witnessing the implementation of a number of projects valued at $22 billion. The oil and condensate production capacity of the Sultanate has become about one million barrels per day. The Petroleum Development Oman accounts for about 582 thousand barrels, and plans to increase its rate to 670 thousand barrels per day during the next five years. .
The total proven oil reserves in the Sultanate’s lands amount to 4.8 billion barrels at the end of 2018, and the number of companies operating in the oil concession areas reached 19 national and international companies operating in 32 concession areas.
Currently, the Sultanate is making great efforts in the fields to maintain the actual levels of production, including enhanced oil recovery operations that account for a large proportion of Omani oil production, and uses advanced methods that combine blend gas injection, thermal and chemical methods.