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Oman Minister of Oil and Gas issues statement on occasion of 44th National Day.

Muscat: Dr. Mohammed bin Hamad Al Romhi, Minister of Oil and Gas, expected that the production of Oman's crude oil will reach one million barrels per day in some days of 2015, as the production is currently 990,000 barrels per day, planned to remain for up to 10 or 15 years. He said in a statement while sponsoring a celebration ceremony conducted by the ministry on the occasion of being assured on the health of His Majesty Sultan Qaboos Bin Said, in response to a question on the fluctuation and decline of oil prices, it is not expected that prices are rising more than $ 85 a barrel in the coming period, pointing out that there is a big challenge before the general reserve fund of the state, expenses and programmes in the 2015 budget, especially since there are fears of a continued decline until the coming years according to the views of some analysts who believe that these prices will continue until 2020. About the price, on which the 2015 budget will be based, he said that there are many proposals for numbers which will be discussed in Majlis Al Shura, and therefore it is difficult to determine a price of less than the one of 2014, which was $ 85 a barrel. Minister of Oil and Gas said that the average oil price of Oman is currently ranging between 76 and 80 US dollars until the end of the month, which represents the delivery month of January next year, saying that it is not expected that the delivery price rises more than US$80 a barrel.

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Publication:Times of Oman (Muscat, Oman)
Geographic Code:7OMAN
Date:Nov 18, 2014
Words:281
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