Nassir bin Khamis al-Gashmi, Undersecretary of Oman's Ministry of Oil and Gas, has said current oil prices in the international markets are influenced by factors other than supply and demand.
In a statement to Oman News Agency (ONA), the Undersecretary said the existing prices of crude oil were still more realistic compared with prices that prevailed at the end of the seventies.
He said a study carried out had confirmed current prices would not negatively affect international economic growth in a big way. The Undersecretary said PDO had achieved the production target the company set for itself in 2003 of producing 703,000 barrel per day in average.
He said PDO started its plan for raising the Sultanate production of crude oil at the end of 2002. He expected that the plan would be fully implemented and that by the year 2009 the Sultanate would restore an early production level of 800,000 barrel per day. (menareport.com)
© 2004 Mena Report (www.menareport.com)
