Oman says oil prices likely to reach $60-70 barrel by year end

Dubai: Oman expects oil prices to reach $60-$70 a barrel by the end of the year, an undersecretary at the country’s oil ministry said on Monday, according to the country’s state news agency.

Salim Al-Aufi added the year 2017 marks the beginning of the balance between supply and demand.

Oman, not a member of the Organisation of the Petroleum Exporting Countries, is taking part in a global supply agreement between Opec and Non-OPEC producers, whose first committee to monitor the implementation of the deal met on Sunday in Vienna.