Oman lowers output from January

04 January 2017

Oman and other non-Opec producers agreed to reduce output by 558,000 b/d

Oman has reduced its crude output by 45,000 barrels a day (b/d), in compliance with Opec’s production cuts from January, according to its Oil and Gas Ministry.

Production level will now stand at 970,000 b/d, from over a million b/d in the previous month.

Oman, which is not a member of Opec had been enthusiastic about the organisation’s move to cut production prior to the agreement and had pledged participation in any reduction.

Led by Russia, 12 non-Opec producers agreed to cut output by 558,000 b/d in December, following an agreement by Opec members to reduce production by 1.2 million b/d.

Kuwait kicked off the round of reductions in the new year by slashing its output by 130,000 b/d to bring its output down to 2.75 million b/d.

Saudi Arabia has committed to the largest share of reductions and is expected to reduce output by 486,000 b/d.

The production cuts - which are exempted for Iran, Libya and Nigeria will be in place for six months.

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