Oman believes non-OPEC will extend the deal to reduce oil production

Oman’s energy minister Mohammed bin Hamad al-Rumhy said today, that OPEC and non-OPEC producers will probably extend a deal to limit crude supply, but the oil production will be kept at the current level (1.2 million barrels per day). 

The minister also noted, that oil demand was improving lately as trade tensions soften and that Oman was satisfied with current oil prices. 

The Organization of Petroleum Exporting Countries (OPEC), Russia and other allies have agreed since January to reduce oil production by 1.2 million barrels per day to maintain the market. Nowadays the experts see signs of improvement in the situation with balance of demand and supply in the oil market, fear of recession is getting lower, and optimistic signals about a trade agreement between the US and China make unnecessary the further reducing measures.