Muscat(Qasioun) - Oman’s minister of oil and gas Dr Mohammed bin Hamad Al Rumhy on Sunday said he is confident of a recovery in crude oil prices, after a meeting of Opec and non-Opec members scheduled to take place in Doha, Qatar, to decide on freezing output.
According to Dr Al Rumhy, oil prices might recover by 25 per cent by the end of the year, from the current level of around $35 per barrel for Oman Crude.
He said the oil producers first agree or reach an understanding on freezing production before the proposed meeting next month. “I hope there is an agreement or understanding so the idea of meeting is just to stamp what has already been agreed,” added Dr Al Rumhy, on the sidelines of the ministry’s annual press briefing.
Oman confident of recovery in oil prices after Doha meet
Organisation of Petroleum Exporting Countries (Opec) members and key oil producers from outside the group will meet on April 17 in Doha in a bid to stabilise falling crude prices. The meeting is a follow-up to last month’s talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels.
Dr Al Rumhy said there are expectations of prices touching $60 or $70 per barrel towards the end of the year. “All indications are that it will happen because the supply is really affected and the demand is still increasing. I am optimistic about it. By the end of the year, we will see a 25 per cent increase in crude oil price.”The minister said Oman will attend the Doha meeting, if invited. However, he noted that Oman’swillingness to cut production by 5 to 10 per cent would not influence supply much since the country is not a major oil producer. “We are trying to talking about countries cutting production by 1 million barrels or 1.5 million barrels per day.” Source times of Oman.
via-Qasioun
