Oman to attend Doha oil producers’ meet next month

Muscat: Oman is planning to attend a meeting of oil producers in Qatar on April 17 to discuss a global pact to freeze production to support prices, said a spokesman at the Ministry of Oil and Gas.
Dr Mohammed bin Hamad Al Ruhmy, minister of oil and gas, will attend the meeting.
Organisation of Petroleum Exporting Countries (Opec) and non-Opec producers will meet in the Qatari capital Doha next month, following an initial deal in February between Saudi Arabia, Qatar, Venezuela and non-Opec member Russia.
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Dr Al Rumhy earlier said that he is confident of crude oil prices recovering after the proposed oil producers meeting 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 $37 per barrel for Oman Crude. There are expectations of prices touching $60 or $70 per barrel towards the end of the year.
The ministerearlier noted that Oman’s willingness to cut production by 5 to 10 per cent would not influence supply much since the country is not a major oil producer.
The Sultanate, if needed, can manage a reduction in crude oil production by cutting the output of majority state-owned Petroleum Development Oman (PDO).