H E Aufi: Oman targeting maximum crude output as price rout seen over

2015-02-22 04:09:53

(MENAFN- Muscat Daily) Oman the biggest Middle Eastern oil producer that's not a member of OPEC will have the most crude output possible this year with the global price rout over H E Salim al Aufi Undersecretary of the Ministry of Oil and Gas said.

Oman will produce 980000 barrels a day this year H E Aufi said in an interview in Muscat on Sunday. That would be four per cent higher than in 2013 according to BP Plc data. Oman will provide 2014 production figures in April Aufi said.

'We can probably meet the 980000' he said. 'It's crucial that we continue executing the future projects. It's crucial that we continue the seismic activities and the exploration activities because when the market turns around we need to have these opportunities identified and ready to go.'

Rising supply from the US to Russia is contributing to a worldwide crude surplus that Oman estimates at 1mn barrels a day. Brent crude futures have climbed five per cent this year after falling 48 per cent last year.

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