Since the beginning of October, the price of oil has fallen by more than 30 percent. One reason for this: rising production volumes in the USA. The Opec could now take countermeasures, Oman’s oil minister expects a throttling of the cartel. But how tall will she be?
Omani oil minister Mohammed bin Hamad al-Rumhy expects the Organization of Petroleum Exporting Countries (OPEC) to cut production at their forthcoming meeting. Asked if he expected that there would be consensus for throttling, he replied, „I think so, yes.“ Oman is ready to join the decision of Opec and its allies for a possible cut.
The oil ministers of the Opec meet in Vienna on Thursday to discuss the production volume. According to industry insiders, Russia is open to curbing production. However, negotiating with Saudi Arabia still on schedule and scope.
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Russia, Saudi Arabia and the United States, with a production of around ten million barrels a day each, head-to-head for the title of the world’s largest oil producer. Due to speculation about a slowdown in the global economy and continuously rising production volumes in the US, the price of oil has fallen by more than 30 percent since the beginning of October.