Oman considers cutting oil output in June by an extra 10,000-15,000 bpd

Oman considers cutting oil output in June by an extra 10,000-15,000 bpd
Omani oil minister Mohammed Al-Rumhy said the production cuts could likely be effective from June. (AFP)
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Updated 15 May 2020

Oman considers cutting oil output in June by an extra 10,000-15,000 bpd

Oman considers cutting oil output in June by an extra 10,000-15,000 bpd
  • It is likely that this cut will be effective from June: oil minister

DUBAI: Oman is considering cutting its oil output in June by another 10,000 to 15,000 barrels per day, the Omani oil minister said on Friday, after Saudi Arabia and other Gulf OPEC producers also made additional cuts to reduce a global glut.
“It is likely that this cut will be effective from June,” Mohammed Al-Rumhy said of Oman’s plans, after the country had earlier signed up to making cuts in May and June alongside other members of the OPEC+ group.


Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Updated 24 min 6 sec ago

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars
  • Tadawul All Share Index falls to below 8,700 points, turnover at $3.14bn

Saudi equities extended their losses, with benchmark Tadawul All Share Index (TASI) slipping 0.3 percent, or 28 points, to close at 8,694 points on Wednesday.

Total turnover reached SAR 11.8 billion ($3.14 billion), with advance-decline ratio at 52:131.

The shares of Almarai Co., Saudi Telecom Co., Riyadh Bank, Banque Saudi Fransi, Yansab and Zain Saudi ended trading today with declines between 1 percent and 2 percent.

Anaam Holding was the top decliner as it went limit down to SAR 154.20. The Securities Depository Center Co. (Edaa) deposited today, Dec. 2, the subscribed securities of Anaam International Holding Group to the accounts of eligible securities' holders.

On the other hand, SARCO went limit up to SAR 105.6 amid trading volume of 6.3 million shares.

Al-Omran shares recorded their highest close since listing, rising 10 percent to SAR 108.8.

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