Oman wants oil cuts maintained

Oct 30: Omani Oil Minister Mohammad bin Hamad bin Seif al-Ramhi said that oil producers should sustain current output restraints until prices go up. "We need to sustain the current cuts, definitely," Ramhi told reporters in Cape Town where dozens of oil ministers and officials have gathered for an international energy conference. Asked how long the cuts should last, he said: "As long as it takes to take the price to what we think is normal." Ramhi said that he wanted oil producers to make deeper output reductions to boost prices. Non-Opec Oman last month attended a meeting in Kuwait alongwith Iran, Algeria and the United Arab Emirates to discuss measures needed to boost world oil prices. It produces about 910,000 barrels per day (bpd). The Gulf Arab state participated in previous rounds of production cuts this year which pledged to reduce supply to the market from Opec and non-Opec states by around three million bpd. "It is important to keep the pledge on track," he said of the current agreement to rein-inproduction.

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