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Oman ready to cut oil production — source

October 29, 2016, 12:49 UTC+3

Oman is a major oil producer in the Middle East, which is not a member of the Organization of the Petroleum Exporting Countries

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VIENNA, October 29. /TASS/. Oman ready to begin cutting oil production, and similar decisions from other oil producing countries may favor the step, a source told TASS before the OPEC meeting in Vienna.

"Oman is ready to cut, but it is better if this step is taken by other producers," the source said, adding thus it would be possible to stabilize the situation in the oil market. Oman will favor "the process of stabilizing prices."

Oman is a major oil producer in the Middle East, which is not a member of the Organization of the Petroleum Exporting Countries (OPEC). Earlier, Oman called on OPEC to undertake active measures to stabilize the oil market.

On October 29 Vienna will host the first meeting of the OPEC special committee for the implementation of the Algiers agreements. It is expected that the October 29 meeting will be attended by countries that are not OPEC members but that have joined the consultations on freezing oil production, among them Russia.

During their informal meeting within the 15th International Energy Forum in Algiers on September 28, the OPEC member-countries were able to reach an agreement on limiting oil production to a range of 32.5-33.0 million barrels per day.

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