Atheer – External Sources
Minister of Oil and Gas, Mohammed Al Rumhi, has said that the agreement on supply cuts between global oil producers is aimed at tackling surplus oil stocks that are still high, rather than price levels.
The minister was speaking to reporters on the sidelines of a meeting of the joint ministerial committee overseeing the implementation of the global agreement.
According to website CNBC, Al Rumhi said that today’s meeting was not going to see a discussion on an exit strategy from supply cuts.
Al Rumhi added that current oil prices are healthy for investment in the oil industry as well as for the global economy, saying that there exists concern regarding the lack of investment in the sector, with the price of Brent Crude currently at less than 70 dollars per barrel.