Oman to Cut Production by 40,000 bpd

Oman has stated that it will increase its oil production cut to 40,000 barrels per day from January to June 2002 to help OPEC bolster prices. Oil Minister Mohammad bin Hamad bin Seif al-Rumhy was quoted as saying the deeper cut was intended to "stabilize oil prices on the international market". Oman's higher commitment means five non-OPEC nations have pledged reductions totaling 462,500 barrels a day, just short of the 500,000 bpd OPEC is looking for to trigger its own 1.5 million bpd of cuts from January 1. Previously Oman had pledged to cut production by 25,000 barrels per day. Production from Petroleum Development Oman would decrease to 815,000 bpd from January 1 compared to 850,000 bpd. Other oil companies in the sultanate would reduce output by 5,000 bpd.