The oil minister of Oman Mohammed bin Hamad al-Rumhi has said the oil prices may remain between $70-80 bbl for rest of the year. The minister told the Omani news website WAF.
Briefing the reporters at an oil conference in Oman, the minister said, at present there are only three countries having the ability to increase oil production capacity, which are Saudi Arabia, Kuwait and the United Arab Emirates (UAE).
The Organization of the Petroleum Exporting Countries (OPEC) and its members at a meeting on June 22-23 reached upon a pact to decrease the combined output of oil 1.8 million barrels per day (bpd). The pact first came into the effect on January 2017.