Oman OilMin: Considering cutting oil output in June by another 10,000 to 15,000 bpd
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Omani Oil Minister Mohammed al-Rumhy said on Friday, they are considering oil outputs cuts in June by another 10,000 to 15,000 barrels per day (bpd).
He said that his country supports efforts by Saudis, Gulf OPEC countries for deeper oil output cuts.
Separately, Reuters reported that Nigeria cut oil production by 417,000 bpd complied with OPEC+ cuts from the end of April.
Market reaction
Despite the upbeat headlines, WTI is consolidating the drop from six-week highs of 28.75. The black gold now trades at 28.15, adding over 2% on a daily basis.
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