Oman’s oil output will reach 900,000 barrels per day (bpd) by the end of next year from 875,000bpd last month, Oil and Gas Minister Dr Mohammed bin Hamed Al Rumhy said, expressing hope that the figure would hit the one-million mark by 2015.
He also said the sultanate would announce a number of oil and gas discoveries shortly.
Speaking to reporters at a function here on Tuesday, he said the ideal international price for crude for both producers and consumers would be between $70 and $80 a barrel. He noted that prices were determined not just by supply and demand, but also by political and economic factors.
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