Oman's Oil Minister Mohammed bin Hamad al-Rumhi said on Monday he expects oil prices to remain between $70 to $80 a barrel this year, Omani news website WAF reported on Twitter.
Saudi Arabia, Kuwait and the United Arab Emirates are the only three countries that have the capacity to increase oil production, he said at an oil conference in Oman.
Oil Prices Recover Due to Iranian Oil Supply Disruption
Oil Prices Fall While U.S. Crude Inventories Rises
OPEC and its allies pledged on June 22-23 to return to 100 percent compliance with their agreement to reduce their combined output by 1.8 million bpd. The pact was first implemented in January 2017.