Oman feels oil market oversupplied

ABU DHABI: Small non-OPEC oil producer Oman said on Monday the petroleum market remained oversupplied.

“I think … the fundamental problem is still there that we are oversupplying the market with this product that is finite and difficult to find,” Minister of Oil and Gas Mohammad bin Hamad al-Rumhy told an oil conference in Abu Dhabi.

“I am concerned although optimistic… Maybe we have seen the bottom, but we don’t know how long this bottom will last.”

He added he was looking forward to talks between OPEC and non-OPEC about how to shore up the market.

Oman is one of the countries that attended an expert meeting with OPEC on October 29 in Vienna.