(MENAFN) Oman Oil Ministry sharply criticized OPEC's production policy, adding that it was creating instability in the market without benefiting oil producers, including his country, after the global plunge in oil prices resulted in oil losing almost 60 percent of its value, Gulf Business reported.

These remarks come as a result of a number of OPEC member insisting that the organization made the right decision last November, when it decided, led by Saudi and the UAE, to keep its production output despite the decline in prices, which started in June.

On the other hand, Oman, which is a significant oil producer, lacks the huge oil and financial reserves of its Gulf neighbors, and it is not an OPEC member, which resulted in the sultanate to begin suffering due to the decline in the prices and saying in its budget for 2015 that it will be posting a deficit of USD6.5 billion.

"I fail to understand how market share can be more important than revenue. The current situation is bad for us in Oman. This is a really difficult time. This is bad politics," Oman's Oil Ministry said at a recent energy conference.