Oman is considering joining Opec and non-Opec producers in slashing output to help stabilise crude prices.

The oil cartel had in September for the first time in eight years agreed to an output cut at a meeting of producers in Algiers.

“Our position has always been “cut production to improve prices,” said Salim al-Aufi, undersecretary at the ministry of oil and gas, in comments reported by Muscat Daily.

He was speaking on the sidelines of the launch of a higher-octane, more fuel efficient grade of petrol, named Mogas 91, which Oman will roll out from 1 November onwards.

Oman, which is not an Opec member, has a breakeven price of around $110 a barrel and would therefore need crude prices to boost government finances.

In January, Omani Oil Minister Mohammad al-Rumhi said the producer was willing to do “whatever was needed” to help rectify crude prices volatility.

He had proposed a production cut of between five and ten per cent, if other producers were also inclined to commit to those targets.

Exact terms of how much production each Opec member is likely to reduce will be finalised at the upcoming Opec meeting in November.

On 17 October, Iran announced it would increase its production target to 4 million barrels a day (b/d), from its current output level of 3.89 million b/d, bringing into question its commitment to output cuts.