Oman to Cut Crude Output by 2%
Oman will cut oil output by 2% from January for an initial period of six months, according to a letter sent to customers of Omani oil by the country’s oil and gas ministry.
The output reduction is in implementation of an agreement by OPEC and non-OPEC crude exporters to reduce global supply, the letter said, Reuters reported.
Oman is not a member of OPEC.
Oil prices slipped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world’s biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers.
Benchmark Brent crude was down 40 cents at $61.05 per barrel, on course for a decline this week of around 1%. US light crude was 25 cents lower at $52.33.
China, the world’s No.2 economy, on Friday reported some of its slowest growth in retail sales and industrial output in years, highlighting the risks of the country’s trade dispute with the United States.
Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, though runs were 2.95 above levels a year earlier.
source: Financial Tribune
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