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Oman to increase oil supply to 1M b/d

Oman is set to join Saudi Arabia and the UAE in increasing oil production when the OPEC+ agreement comes to an end this month, Platts reports.

Oman is planning to increase oil supply to its capacity of 1M b/d over the coming months, an increase of 39K b/d from its OPEC+ quota. The Omani economy is reliant on oil revenue and the government intends to produce as much as possible. The break-even oil price needed to balance the budget this year is $85.90/bl, Platts reports and front-month Brent crude was trading at $30.13/bl Tuesday afternoon.