Like a number of other Opec+ producers, Oman’s oil output has been pushed lower in early 2024 due to the start of deeper voluntary production cuts in January. Under its ‘Required Production’ level Muscat should have kept crude oil production below 759,000 b/d in Q1, a target it overshot by 15,000 b/d (MEES, 10 May).
Recently released government data puts average crude output in April at the required level of 759,000 b/d, as Oman has gradually brought production in line with its commitments. Full compliance brought output down to its lowest level since August 2021 when the country was slowly ramping up its production from the impact of historically-deep Covid-era cuts imposed in 2020. (CONTINUED - 769 WORDS)
