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Commitment to OPEC deal to improve in February - Minister

Commitment to OPEC deal to improve in February - Minister
Photo Credit: Arabianeye-Reuters

By: Ahmed Awad

Kuwait - Mubasher: The Omani oil minister said on Wednesday that expectations regarding the OPEC output deal will be bigger in February.

Mohammed Al Rumhi added, on the sidelines of a conference in Kuwait, that reducing output is regarding production levels in oil fields not market shares.

Oil prices are expected to recover after the commitment to the OPEC agreement, he noted, adding that Oman is hoping to continue with production limitation.

The minister also stressed that the share of non-OPEC producers is relatively good, considering the short time span, indicating that the biggest production cut outside of OPEC comes from Russia that stated it will gradually increase production reduction.