Oman is ready to cut oil output by 5-10% in order to stabilize the situation in the market and calls on other producers to do the same, Omani oil and gas minister, Mohammad bin Hamad al-Rumhy, said.
The Minister pointed out that Oman's oil production is close to one million barrels per day and the authorities do not expect it to rise any further this year.
In addition, he stressed that Oman is concerned about Iran's return to the oil market due to excess supply.
