Muscat, Sept 26: Independent oil producer Oman last week welcomed OPEC's decision to maintain crude export curbs until April and called on producers from the cartel and from outside to meet next year to coordinate their stands.The official Omani news agency (ONA) also quoted Oil Minister Mohammad bin Hamad Seif al-Ramhi as saying that world oil stockpiles were still high and may remain so even beyond the March deadline of the production cut announced earlier this year.
"OPEC had shown its adherence (to the oil cuts) and asserted its committment to the course it had undertaken to maintain the production levels agreed upon for all producers from within and from outside OPEC," ONA quoted the minister as aying. An OPEC communique said on Wednesday that oil ministers from the 11-member cartel endorsed existing curbs on five percent of their output at least until April because they wanted to make sure they had eliminated the glut that caused a price crash last year.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.