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Oman’s Oil Minister Muhammad al-Rumhy used the podium at Adipec on 9 November to slam the Saudi-led Opec policy of prioritizing market share over price.
This has left oil markets in “crisis. A man made crisis.” Saudi Arabia has increased output by 550,000 b/d over the past year, in the process since March notching up a record eight straight months of 10mn b/d-plus output.
Exporting more in a bid to maximize market share in the face of weak demand “just destroys the market…it is not a reversible process.”
He declined to mention that Oman has also been producing at record volumes – with output topping 1mn b/d for the first time ever in July (MEES, 4 September). (CONTINUED - 371 WORDS)