Oman expects oil to stay between $70-$80 per barrel

Dubai: Oman’s Oil Minister Mohammad Bin Hamad Al Rumhi said on Monday he expects oil prices to remain between $70 (Dh257) to $80 a barrel this year, Omani news website WAF reported on Twitter.

Saudi Arabia, Kuwait and the United Arab Emirates are the only three countries that have the capacity to increase oil production, he said at an oil conference in Oman.

Opec and its allies pledged on June 22-23 to return to 100 per cent compliance with their agreement to reduce their combined output by 1.8 million bpd. The pact was first implemented in January 2017.