Oman begins oil output cut under OPEC deal

Dhwani Mehta FXStreet

As agreed in the OPEC output cut deal reached last year, Oman is expected to cut 45,000 barrels per day, i.e., 4.5% of its 1 million barrel per day production, to honor the agreement with OPEC, the Times of Oman reported on Sunday.

In 2016, oil made the biggest annual gain since 2009, settling over 45% higher.

According to Abdullah Al Mandhari, CEO of EOR LLC, “There is no doubt that countries will comply, because they can already see that prices increased due to the agreement. I believe the oil price will stabilize in the eighties, as a sustainable price for both producers and consumers.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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