Oman says opec allies likely to extend oil supply curbs

According to a recent report, Oman's Energy Minister, Mohammed Al Rumhi, has stated that OPEC allies are likely to extend their oil supply curbs to support the global oil market. This comes as the global oil market continues to face challenges due to the ongoing COVID-19 pandemic and the ongoing trade tensions between the US and China.

OPEC, the Organization of the Petroleum Exporting Countries, has been leading a coalition of oil-producing countries, including Russia, to cut oil production in an effort to stabilize the global oil market. The current agreement, which was put in place in January, is set to expire in March.

Al Rumhi stated that the OPEC allies are likely to extend the agreement, citing the ongoing uncertainty in the global oil market. He also noted that the group is closely monitoring the situation and will make a decision based on the market's needs.

The extension of the agreement would likely involve a continuation of the current production cuts, which have been in place since January. The cuts have been successful in helping to stabilize the global oil market, with oil prices rising to around $60 per barrel.

However, some analysts have expressed concerns that the extension of the agreement could lead to a shortage of oil in the market, which could drive up prices even further. Others have argued that the extension could also lead to a decrease in oil production, which could have negative impacts on the global economy.

Overall, the decision to extend the OPEC agreement will likely have significant implications for the global oil market and the economy as a whole.