Oman begins oil output cut under OPEC deal

As agreed in the OPEC output cut deal reached last year, Oman is expected to cut 45,000 barrels per day, i.e., 4.5% of its 1 million barrel per day production, to honor the agreement with OPEC, the Times of Oman reported on Sunday.

In 2016, oil made the biggest annual gain since 2009, settling over 45% higher.

According to Abdullah Al Mandhari, CEO of EOR LLC, “There is no doubt that countries will comply, because they can already see that prices increased due to the agreement. I believe the oil price will stabilize in the eighties, as a sustainable price for both producers and consumers.”