Oman will be cutting oil output by 2 percent from January for an initial period of six months, according to a letter sent to customers of Omani oil by the country’s oil and gas ministry, Trend reports referring to Reuters.
The output reduction is in implementation of a agreement by The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC crude exporters to reduce global supply, the letter said. Oman is not a member of OPEC.
OPEC and its Russia-led allies agreed last week to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude.