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Oman: Supply reduction deal targets stocks rather than price levels
10:41 - 21/01/2018
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Information / Baghdad ..
Omani Oil Minister Mohammed bin Hamad al-Rumahi said on Sunday that an agreement on supply cuts between global oil producers is aimed at tackling surplus oil stocks.
"The agreement on supply cuts between global producers of crude is aimed at addressing surplus oil stocks that are still high, not price levels," Rumhi said in remarks on the sidelines of a meeting of the joint ministerial committee overseeing the implementation of the global agreement.
He noted that today's meeting would not discuss an exit strategy from supply cuts.
"The current price level of oil is healthy to invest in the oil industry and the global economy," he said. "There is concern about the lack of investment in the sector, and the price of Brent crude is currently slightly below $ 70 a barrel." Ending / 25
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