Vienna — A consensus is beginning to form that members of the oil-producing group OPEC should cut output in a bid to claw back recent falls in prices, Oman's minister of oil and gas, Mohammad al Ruhmi, told reporters in Vienna on Sunday.
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
"Even us with short memories can remember the benefits of cutting," he said. "Why don't we do what we did before? We know the formula, it's cut and paste, we sign the documents."
Ruhmi said Oman is willing to cut and expects ministers to meet on December 7 to sign an agreement on production.
"We have always been the champion of cutting, if I wasn't willing I wouldn't have come," Ruhmi told journalists.
Russia's president Vladamir Putin said Saturday that Russia had reached an agreement with Saudi Arabia to extend the OPEC and non-OPEC coalition past its end of 2018 expiry date.
The coalition has in the past implemented a cut of 1.8 million b/d, but Putin said an agreement on cutting had not yet been agreed. Saudi Arabia has previously given indications that a production cut of around 1 million b/d could be discussed.
ICE Brent crude futures closed on Friday at just below $60/b.
--Miriam Malek, firstname.lastname@example.org
--Edited by Maurice Geller, email@example.com