Oman To Reduce Oil Supplies In September As Part Of Opec + Production Cuts By 10%
The Ministry of Oil of Oman has notified buyers that the oil supply program in September 2020 will be reduced by 10%, as the Sultanate fully complies with the terms of the OPEC+ agreement to reduce oil production, according to a representative of the Ministry.
"Oman yesterday notified buyers of its oil that the volume of supplies will be reduced by 10% in September," he said.
Oman continues to reduce oil production, according to the OPEC+ agreement by 100% of the plan. Oman's quota for August-September is minus 161 thousand b/d, he recalled. That is, the Sultanate's oil production this month should fall by 18% from the base level to 722 thousand b/d.
The OPEC+ agreement entered into force on May 1. it assumes a reduction in oil production by the Alliance countries by 9.7 million b/d during may-July. The agreements will be valid for two years, but from August to December 2020, 7.7 million b/d will already fall under the reduction within the framework of the Alliance, and from January 2021 to the end of April 2022 - 5.8 million b/d. The transaction parameters may be revised in December 2021.