Landgenoot schreef op 18 januari 2016 12:36:
ABU DHABI—Oman is the first major non-OPEC oil producer to say it would slash its output in coordination with other countries, as the resumption of Iranian exports of crude weighed heavily on oil prices on Monday.
Oman would be ready to cut 5% to 10% of its total crude oil production, if other producers were willing to do the same to stabilize the oil market, said Mohammad bin Hamad al-Rumhy, on the sidelines of a conference in Abu Dhabi on Monday.
"Oman is ready to do anything that would stabilize the oil market," the minister said. "5% or 10% is what I think we need to cut and everyone has to do the same."
Mr. Rumhy's comments come as oil prices dropped further on Monday after the lifting of western sanctions on Iran over the weekend. Brent crude, the international benchmark, fell to less than $29 a barrel and has lost a fifth of its value so far this year on fears of a slowdown in Chinese demand and worries that Iranian exports will add to the global oversupply of oil.
OPEC members, such as Venezuela, have called for a reduction in the cartel's oil production and have requested that other countries join them in the effort, in the hope that cuts would boost prices. Saudi Arabia, OPEC's largest producer and de facto leader, has said it won't cut unless other countries do too.
Oman is the largest oil producer in the Middle East outside the Organization of the Petroleum Exporting Countries, producing about 1 million barrels a day. But it lacks the financial reserves its Persian Gulf neighbors have to tackle a prolonged period of low oil prices.
Mr. Rumhy said crude oil markets have already seen the worst and that any further declines in the prices would be like "waves that come after the tsunami."
(END) Dow Jones Newswires
January 18, 2016 06:25 ET (11:25 GMT)
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