Oman has announced that it will cut oil production by 200,000 barrels per day (bbl/d) following the record OPEC cuts, according to Oman Observer.

Fuel demand in the Omani market has fallen by 50%, prompting the Sultanate to take control of the situation. The Sultanate’s production will be reduced to 682,000 bbl/d over the period May to June in addition to 180,000 bbl/d of crude oil and condensates, bringing the total production to 830,000 bbl/d.

Oman’s  Minister of Oil and Gas, Mohammed bin Hamad Al Rumhi, is hoping that these cuts in production will restore balance to the supply-demand. On a national level, Ruhmi has instructed oil firms operating in the Sultanate to take the necessary measures to reduce production costs.