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Oman ready to cut oil output by 5-10%

07 November 2016 13:08 (UTC +04:00)

Baku – APA-Economics. Oman would be ready to cut 5% to 10% of its total crude oil production if other non-OPEC oil producers were willing to do the same to stabilize the oil market, Oman’s Oil Minister Mohammad bin Hamad al-Rumhy told reporters on the sidelines of a conference in Abu Dhabi on Monday.

Oman on Monday hinted that it would slash its oil output in coordination with other non-OPEC oil producers amid concerns that the resumption of Iranian oil exports would hurt oil prices further.

“Oman is ready to do anything that would stabilize the oil market,” Hamad al-Rumhy said. “5% or 10% is what I think we need to cut and everyone has to do the same.”