Oman Says Oil Market Remains Oversupplied

Reuters

ABU DHABI, Nov 7 (Reuters) - Small non-OPEC oil producer Oman said on Monday the petroleum market remained oversupplied.

"I think ... the fundamental problem is still there that we are oversupplying the market with this product that is finite and difficult to find," Minister of Oil and Gas Mohammad bin Hamad al-Rumhy told an oil conference in Abu Dhabi.

"I am concerned although optimistic... Maybe we have seen the bottom, but we don't know how long this bottom will last."

He added he was looking forward to talks between OPEC and non-OPEC about how to shore up the market.

Oman is one of the countries that attended an expert meeting with OPEC on October 29 in Vienna.

(Reporting by Rania El Gamal; writing by William Maclean; editing by Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
David Saunders | Nov. 7, 2016
Perhaps its time to form a cartel of non-OPEC countries within the GCC area and Dr Mohammad would be an ideal spokesman. He is a decisive and intelligent leader who is not afraid to speak his mind.


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