Omani Minister: No Need to Increase Oil Supplies
The current levels of oil prices in international markets are acceptable and no increase in supplies is required at present, said Omani Oil Minister Mohammed bin Hamad Al Rumhi on Monday.
The minister attributed this to the OPEC’s “good” strategy to maintain oil prices and affirmed Oman’s support for that strategy and for any other steps by OPEC to stabilize oil prices in the world market, reported the official Omani news agency (ONA).
Al Rumhi added that OPEC’s forthcoming meeting on June 6 must work towards creating a balance between demand and supply and ensuring price stability in the interest of both producers and consumers.
“A $22 to $28 per barrel prices are fair for all consumers and producers,” he said.
Oil price stability in the future would depend on cooperation between OPEC and non-OPEC producers, he added – Albawaba.com