Oman's oil minister: the decline of investments is a real challenge facing the oil industry

Oman's oil minister: the decline of investments is a real challenge facing the oil industry

Minister of Oil and Gas in the Sultanate of Oman Dr. Mohammed Al-Rumahi

Oman’s oil and gas minister, Dr. Mohammed al-Rumhi, said on Monday that the real challenge facing the oil industry is the low volume of investments in production operations. Al-Rumahi said in a speech at the opening of the fifth Kuwait Oil and Gas Conference, that these investments are now returning to their tracks, especially with the recovery of oil prices following the commitment of the Organization of Petroleum Exporting Countries (OPEC) and countries outside the agreement to reduce production levels from January 2017 and continuing until the end of this General. He expressed thanks to Kuwait, Saudi Arabia and the rest of the producer countries from OPEC and other countries, especially Russia, which participated in the agreement to reduce production, which led to the recovery of oil markets and rising prices, indicating that the password in the recovery of markets is the commitment to the agreement. “We owe you praise for what happened in the market as a result of your efforts. In my opinion, we have not reached a completely stable situation, but certainly today is better than yesterday, but uncertainty remains a burden on our shoulders, but I am optimistic in the coming years and it will be good.” He said that 2017 recorded the lowest point of decline in oil prices during the past 40 years, calling on all those who signed the agreement to reduce production to pursue dialogue and understanding and cooperation and commitment to maintain the market; which would encourage investment. He pointed out that the challenges in the past were less and during periods of spans spanning decades, but now they have become great challenges and difficult periods of time, especially in light of the rapid changes we are witnessing, stressing the need to prepare for any challenges may face us. He pointed out that the oil price crisis began in 2014 and we did not have a suitable readiness for the evidence that the beginning of dealing with the crisis was at the end of 2016 “a very long period and we have to learn from the lesson.” “I have a dream that we will deal optimally with those crises to benefit all parties, whether productive or consumer,” he said. “Despite the challenges and difficulties facing the safety and health of the oil industry, I believe that our industry is needed and our role is very important in the coming years.” The 5th Kuwait Oil & Gas Exhibition and Conference will be held this year under the theme “New Energy Era: Transformation – Diversification and Integration as a Means to Improve Value Added and Cost Control” and discuss two topics such as strategic directions to meet future demand growth needs On domestic gas production through the development of domestic gas production. The conference will be attended by Omani Oil Minister Mohammed Al-Rumahi, OPEC Secretary-General Mohammad Barkindo and a number of oil sector leaders and heads of companies.

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