Oman Says it will cut Production

Oman announced on Monday that is will slash its output and coordinate with other non-OPEC countries to reduce production as Iranian exports begin to rise. Mohammad bin Hamad al-Rumhy, Oman’s oil minister said Oman is ready to cut 5-10% to help stabilize the oil market. Saudi Arabia has said it will not cut production unless other countries do. This may be the first indication that OPEC and no-OPEC countries want to do something about the global oversupply.