Oman Says to Cut Oil Output by 200,000 Bpd as OPEC+ Pact

IEA Raises 2020 Oil Demand Forecast
IEA Raises 2020 Oil Demand Forecast

Oman told its oil-producing companies to cut 200,000 bpd; starting from May 1 until the end of June in line with OPEC+ crude supply reduction pact. It will also inform its customers of the same plan, its oil ministry said.

OPEC and OPEC+, agreed on Sunday to a record cut in output. This is to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations; including the United States, that could curb global oil supply by up to 20%.

Gulf oil producer Oman is a member of the OPEC+ alliance.

On Tuesday, oil prices rose more than 1% after the main US energy forecasting agency predicted shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers.

Brent futures rose 53 cents, or 1.7%, to $32.27 a barrel by 0420 GMT after settling 0.8% higher on Monday. US West Texas Intermediate (WTI) crude was up 32 cents, or 1.4%, at $22.73, having dropped 1.5% the previous session.

Related Stories

No stories found.