By: Amr Adel

Abu Dhabi – Mubasher: Oman’s minister of energy Mohammed Hamad Al Rumhy told reporters on Monday that he was confident that members within and outside of the Organization of Petroleum Exporting Countries (OPEC) will agree to another output extension come March.

Speaking on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Al Rumhy confirmed his country’s commitment to the OPEC deal.

He added that Oman’s current production reaches 968,000 barrels per day.

OPEC members had last agreed to extend their agreement to reduce production until March 2018. Now forecasts are emerging that OPEC members may extend the agreement until the end of 2019.

Also on Monday, UAE energy minister Suhail bin Mohammed Al-Mazroui forecasted that the global oil market will continue its recovery next year, noting that the OPEC deal has helped reduce crude reserves by around 180 million barrels in less than a year.

Meanwhile, OPEC secretary-general Mohammad Barkindo commented that the oil market rebalancing was moving at a quick pace, highlighting that output cuts were the “only viable option” to restore stability.

By 10:39 am GMT, Brent crude, for January delivery, slipped 0.16% to $63.42 per barrel (pb), while US crude (Nymex), for December delivery, lost 0.09% to $56.69 pb.

Global oil production cuts have helped boost oil prices and trim down stockpiles.

Translated by: Nada Adel Sobhi