Tuesday, December 05
06:25 PM

Oman says OPEC+ decisions based on purely economic considerations


Muscat – Oman’s Ministry of Energy and Minerals on Sunday said that the decisions of OPEC+ group of oil producers are based on purely economic considerations.

The sultanate is a member of the OPEC+ group which includes 13 OPEC members and ten non-OPEC oil producing countries.

The ministry in its tweets said that OPEC+ decisions proactively respond to demand and supply in the market in a practical and objective manner.

‘The recent decision of OPEC+ to cut oil production is in line with its previous decisions in terms of reliance on market data and its variables. This was important and necessary to reassure the market and support market stability,’ the ministry said.

‘The working mechanisms of the OPEC+ group require that its decisions are taken by consensus and unanimity of all member states,’ the ministry added.

On October 5, OPEC+ announced a major cut in group’s oil output. In Vienna, ministers from the 13-nation OPEC cartel and a group of 10 exporters led by Russia agreed to reduce production by two million barrels a day from November.

It is the biggest cut since the height of the COVID-10 pandemic in 2020.

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