OPEC AND OIL PRICES
Oman Cuts Production by 5%
Oman has announced an immediate 5% cut in oil production as of 1 February,from 565,000 b/d to 536,750 b/d, in support of OPEC's market stabilizationcampaign. According to the Minister of Petroleum and Mineral Resources, Mr.Sa'id ibn Ahmad al-Shanfari, the cut was ordered by Sultan Qabus in coordinationwith other non-OPEC producers in order to "maintain prices at a reasonablelevel." Mr. Shanfari signalled Oman's...