Oman to Cut Oil Production in Compliance with OPEC+

Sultanate of Oman has announced an additional crude oil voluntary reduction of 42,000 barrels per day with effect from January until the end of March 2024, in support of precautionary efforts made by OPEC+ to enhance the stability of oil markets. The Ministry of Energy and Minerals explained that this additional reduction is in pursuance of previous voluntary reduction of 40,000 barrels per day until December 2024.