Omani minister: Common sense prevailing at OPEC
Baku, Azerbaijan, Nov.7
By Leman Zeynalova – Trend:
Common sense is now prevailing at OPEC, said Oman’s Minister of Oil and Gas Mohammad bin Hamad al-Rumhy.
He made the remarks during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) which kicked off Nov.7, according to Pipeline Magazine, the official publisher of ADIPEC news.
Rumhy said there are positive signs in the oil markets.
"First of all, we call for cutting down of oil production and reaching an agreement between oil producers on the issue, in this case Oman is ready to cut down oil production by 5-10 percent, the second option for us is a freeze [of oil output levels]," Rumhi told reporters on the sidelines of the conference.
Moreover, addressing the event, Bahrain's Minister of Oil Shaikh Mohammed bin Khalifa Al Khalifa said the oil price is the heart rate of the global economy.
He pointed out that the oil price is now not subject to the rules of supply and demand.
The Abu Dhabi International Petroleum Exhibition and Conference will last till Nov.10.
The event held under the theme ‘Strategies for the New Energy Landscape’, ADIPEC 2016 celebrates its 19th edition with the largest event to date. It will bring together more than 2,000 exhibiting companies, 25 country pavilions, 700 speakers, 8,500 delegates, and 100,000 trade professionals from more than 125 countries.