Oman Joins Other Oil Producers Saying OPEC Made Wrong Decision - Bloomberg:
"Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, joined Venezuela and Iran in questioning the group’s decision to keep its output target unchanged even with crude prices falling.
Oman is having a “really difficult time” because of low oil prices, Oman’s Oil Minister Mohammed Al-Rumhy said at a conference in Kuwait City. Standard & Poor’s lowered the country’s outlook to negative from stable on Dec. 5, citing a risk that oil may drop more than expected.
Brent crude slumped 54 percent in the past year as OPEC maintained its target at the group’s Nov. 27 meeting to defend market share amid a U.S. shale boom that’s exacerbating a global glut. Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, led that decision, while fellow members Iran and Venezuela wanted to cut output."
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