Mubasher: The decision taken by the Organization of Petroleum Exporting Countries (OPEC) to trim production is meant to stabilise oil reserves not prices, Oman’s oil and gas minister Mohammed bin Hamad Al-Rumhy has said.

The minister further noted that the ministerial committee meeting “will not discuss finding an alternative strategy other than reducing offered oil,” Kuwait News Agency (KUNA) reported, citing the top official as saying.

Speaking on the sidelines of the ministerial committee meeting, held on Sunday, Al-Rumhy further stated that current oil prices were “good for investing in oil industries and stabilising the international economy.”

By 9:14 am GMT, Nymex crude oil was up 0.24% to $63.52 per barrel (pb), while Brent crude increased 0.13% to $68.70 pb.