Oman’s OilMin rules out oil prices dropping below $15 per barrel

Dhwani Mehta FXStreet

Oman’s Energy Minister Dr. Mohammed bin Hamad Al Rumhi told Reuters on Thursday; he rules out oil prices dropping below $15 per barrel.

Additional quotes

Oil production stands at 970,000 bpd, unaffected by oil prices drop.

Doesn't support increasing oil output at this ‘sensitive stage'.

US invitation to main OPEC countries to return to talks may rekindle hope to reach solution that would control oil price decline.

Oman working with OPEC, other oil producing countries to try to control prices and reach agreement satisfactory to all.

WTI extends the rally above $22

Following the headlines that China will ramp up its strategic oil reserves amid the recent price weakness, both crude benchmarks caught a fresh bid wave, with WTI gaining over 10% to trade near 22.50.

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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