Oman announced that it was ready to cut oil output by 5% to 10% to buoy up oil prices, reported Arabian Business. The country’s oil minister, Mohammad bin Hamad al-Rumhy, said that the sultanate was prepared to “do anything” to stabilize the market, adding that all oil producers should reduce production within that range. He explained that Oman’s production was close to 1mb/d and that he did not expect it to rise any further this year.

The Omani oil minister also said that his country was prepared to cut production if OPEC and non-OPEC members took the initiative, according to The National. “At least if OPEC and few non-OPEC [countries] chop 10% [of production], I think the problem is solved”, he elaborated.

There is a fear in oil circles that oil prices will sink even lower than the current per barrel with Iran returning to the global market in the wake of the lifting of sanctions.