Oman extends voluntary oil cuts of 42000 bpd until June 2024

crude oil
crude oil

Oman Announces Extension of Voluntary Reduction of 42000 Barrels for Q2 2024

Muscat:The Sultanate of Oman will extend its additional voluntary cut of 42 thousand barrels per day of crude oil until the end of June 2024, in coordination with some OPEC+ participating countries, the Ministry of Energy and Minerals.

Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions, the ministry added.

This voluntary cut is in addition to the voluntary cut of 40 thousand barrels per day previously announced by the Sultanate of Oman in April 2023, which extends until the end of December 2024.

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.


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