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

Oman with Iran on production cap

MUSCAT, February 24, 2016 – Omani Minister of Oil and Gas Mohammed bin Hamad bin Saif Al Rumhy said on Wednesday that his country stands with Iran in the latter’s objection to last week’s proposal by Saudi Arabia, Russia, Qatar and Venezuela to cap production.

“Given the damage Iran’s oil exports have suffered as a result of Western sanctions, the country can be exempted from a possible OPEC agreement on freezing production,” Al Rumhy said.

 

The Iranian minister of petroleum on Tuesday spoke harsh words, calling the idea freeze oil output “a joke.” His sentiment was echoed by his Iraqi counterpart Adel Abdul Al Mahdi. Commenting from Tokyo on Wednesday, Al Mahdi dismissed the plan as being “ridiculous,” pointing to the need for a “complete agreement.”

According to Iran’s sixth five-year development plan disclosed by Iranian Minister of Petroleum Bijan Namdar Zangeneh, the country is targeting 4.6 million bopd by 2021.

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