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Oman's Oil Minister: Most OPEC and its allies support the reduction of production


Abu Dhabi –

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Sunday, November 11, 2018 – 12:53
| Last Updated:
Sunday, November 11, 2018 – 12:53

Oman's oil minister, Mohammed bin Hamad al-Rumhi, said on Sunday that the majority of OPEC and OPEC oil exporters supported a reduction in the world oil supply.

"Many of us see this," he said when asked about the need to reduce consumption. Asked if the cut could be as high as 500,000 or a million barrels per day, he said: "I think it's unfair to give the numbers right away."

The Minister of Omani spoke in Abu Dhabi where on Sunday the supervisory body of the oil market meets, and Saudi Arabia and Russia attend the world's highest exporter.

"We need a consensus," Ramhi said, referring to the need for a non-member of the OPEC Russia to agree on any decision. Oman is also not a member of the Organization of Petroleum Exporting Countries.

Saudi Arabia is considering a proposal to reduce oil production by up to one million bpd from OPEC and its allies, two sources close to the talks said Sunday.

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