Omani oil output may have notched up record annual output of 1.004mn b/d last year (see box), but it sank to its lowest level in eight months in December as the country began its agreed-upon output cuts ahead of schedule.

In accordance with its 10 December agreement with Opec and 10 other non-Opec producers, Oman agreed to cut production by 45,000 b/d beginning 1 January for a period of six months. December crude and condensate output of 995,000 b/d was already 20,000 b/d below...