Offered oil reduction aimed at stabilizing reserves not prices – official

Oman’s Minister of Oil and Gas Mohammed bin Hamad Al-Rumhy said the agreement to reduce offered oil by international crude oil producers aims to face overflow of offered oil reserves not prices.

Speaking to reporters on the sidelines of the meeting of the ministerial committee to monitor the agreement on Sunday, Al-Rumhy said the meeting will not discuss finding an alternative strategy other than reducing offered oil.

He added that the current oil prices are good for investing in oil industries and stabilizing international economy.

Source: Kuwait News Agency