Related Articles
Forward article link
Share PDF with colleagues

Non-Opec producer Oman struggles with Opec policy

Oman, a large non-Opec producer is struggling under the wilting oil price

Mohammad Al-Ruhmy, Oman’s urbane oil minister, is not happy. Opec’s decision to leave output unchanged last November, part of a Saudi-led campaign to push costly rival North American supply out of the market, has caused collateral damage nearer to home. Oman, a member of the Gulf Cooperation Council (GCC) and the region’s largest non-Opec oil producer, is among the unintended victims.Ruhmy used a Petroleum Economist conference in Kuwait City in January to deliver his withering verdict on Opec’s decision to make market share, not revenue, its priority. Before it “declared war” on rival suppliers at the November meeting, Opec had been earning $2.7 billion to $2.8bn a day, said Ruhmy. The plung

Also in this section
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors
China loans make Venezuela’s outlook more precarious
12 July 2018
Patience is wearing thin among both China and other trading partners