Oman’s oil minister has said the country is willing to cut oil production by up to 10% in an attempt to stabilize the market.
The country is the largest producer of crude oil in the Middle East that is not a member of OPEC and has said it is prepared to slash output in coordination with other countries. It is the first major non-OPEC oil producer to state this.
According to the EIA, Oman’s oil production has increased each year since 2007 and ranks 7th among Middle East oil producers and 21st in the world as of 2014.
Production exceeded one million barrels per day in June 2015 for the first time since December 2000.
Oman has two operating refineries with a combined capacity of 222,000 barrels per day and plans to expand existing refinery capacity by 81,000 barrels per day 2018. By 2019, Oman plans to construct a new refinery with a total capacity of 230,000 barrels per day near Duqm.