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Supervisor
Elham AbolFateh

Middle East

Oman decides to withdraw from OPEC +

Monday 18/March/2019 - 02:57 PM
OPEC logo
OPEC logo
Edited by: Mohamed Emad

Saudi Energy Minister Khalid Al-Falih announced at a press conference Monday that Oman has decided to leave the OPEC + Committee.

"In December، Oman offered to nominate another member of the committee from outside the OPEC، It was Kazakhstan، the latter agreed to join and we welcomed Kazakhstan،" Faleh told reporters.

"There are other members at the committee، and we welcome their contribution، as members of the ministerial committee to monitor the OPEC oil production reduction agreement."

At their meeting on December 7، 2018 in Vienna، ministers of OPEC member states decided to reduce oil production by 1.2 million barrels per day (bpd) from January 2019 to 6 months.

According to the agreement، OPEC countries will reduce its total production of 800 thousand barrels per day and non-OPEC countries - by 400 thousand barrels per day، while Russia agreed to cut production by 228 thousand barrels per day.

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