18:49 GMT01 December 2020
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    Members of the Organization of the Petroleum Exporting Countries made progress toward an oil output freeze agreement and the deal now is more feasible then before, Oman’s Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Monday.

    ABU DHABI (Sputnik) — The minister added that discussions on the deal several month ago were less substantive than they are now.

    "There are positive signs…. We're talking about the stability of the market, we are optimistic about reaching an agreement [to freeze oil production],” he said at the ADIPEC conference in Abu Dhabi.

    On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.

    The minister added that Oman is ready to cut down its oil production by 5-10 percent should it join the consensus of the Organization of the Petroleum Exporting Countries (OPEC) on the issue.

    "First of all, we call for cutting down of oil production and reaching an agreement between oil producers on the issue, in this case Oman is ready to cut down oil production by 5-10 percent, the second option for us is a freeze [of oil output levels]," Rumhi told reporters on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.

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