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Omani Minister of Oil and Gas Mohammed bin Hamad bin Saif Al Rumhy

Oman proposes additional oil talks

DOHA, April 18, 2016 – Omani Minister of Oil and Gas Mohammed Al Rumhy has offered to facilitate further discussions on freezing oil output after talks to that end in Doha on Sunday failed to deliver tangible results, driving oil prices down.

 

WTI crude fell from USD 41.29 to USD 38.79 at 3.00 pm (GMT+3). Brent crude slid from USD 43.10 to USD 41.62. Speaking to Bloomberg TV on Monday, Al Rumhy noted that Oman would be willing to leverage its good relationships with the countries involved, saying it would be “prepared to see what is good for all of us.”

The minister said the next round of talks – an OPEC meeting in June – could revolve around capping oil production at maximum production. Iraq, a participant in Sunday’s discussions, achieved an all-time record of 4.55 million bopd in March. “The reality is in the fields. Most of us have peaked, with the exception of maybe one or two, so if we say look, everybody is producing at a maximum level, let’s try to agree on where we are now and then move forward,” Al Rumhy said, adding that efforts should be made over the next month and a half to get everyone on board. “From now on until June, we would be working on trying to convince everyone else that the freeze is the right way to do it,” he said.

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