(MENAFN- Muscat Daily) Muscat- As part of its commitment to cut daily oil output by 45,000 barrels per day (bpd) following the deal between OPEC and non-OPEC oil producers in December, Oman's Ministry of Oil and Gas has set daily production quotas for companies in the country, effective from this month.
The ministry has set a daily average production target of 970,094 barrels. The country's daily production last year averaged slightly above 1mn barrels.
'According to government's commitment to cut daily oil production starting from the beginning of January 2017, it was agreed to set the quotas of production for oil producing companies,' the ministry said in a statement on Thursday.
Petroleum Development Oman (PDO), the sultanate's largest oil producer, has been allotted 652,000 bpd, a 67.2 per cent share in Oman's daily average production after output cut.
Occidental Oman, the second biggest producer of hydrocarbons in Oman, has been given set a quota of 218,585 bpd. The daily output caps for Daleel Petroleum and CC Energy have been determined at 48,000 barrels and 41,000 barrels, respectively. Other smaller producers together are allowed to produce 10,509 barrels of oil per day.
As many as 11 non-OPEC oil producing countries, including Oman, had agreed with OPEC on December 10 to reduce their collective output by 558,000 bpd with effect from January 1, 2017. OPEC members earlier had agreed to jointly cut production by 1.2mn barrels per day from January.
Oman pledged to slash output by 45,000 barrels per day to comply with the agreement in a bid to restore stability in oil prices.
The sultanate and Russia were also named to the high-level monitoring committee set up by OPEC to oversee the implementation of production cuts.
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