Petroleum Africa
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Thursday, January 22, 2015
OPEC is seeing some backlash from a Gulf producing country over its stance on maintaining current output levels despite the falling price of oil. Oman’s oil minister Mohammad bin Hamad AlRumhy has criticized the cartel’s production policy.
Al Rumhy said that OPEC is creating volatility in the market without benefiting oil producers and as a result, his country is suffering.
While not a member of OPEC, Oman is a significant crude producer who relies on funds received from its production.
“I fail to understand how market share can be more important than revenue,” AlRumhy said at an industry event taking place in Kuwait.
“The current situation is bad for us in Oman. This is a really difficult time. This is bad politics,”Rumhy said. Oman has projected a shortfall of 2.5 billion rials ($6.5 billion) in its budget for 2015 due to sliding oil prices.
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