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Coronavirus
VERY HIGH
Pakistan Deaths
15,619
11824hr
Pakistan Cases
729,920
431824hr
Sindh
269,474
Punjab
252,974
Balochistan
20,397
Islamabad
66,983
KPK
100,275

DOHA: The goal of OPEC's meeting in June will be to extend the output cut agreement reached last year, Oman's energy minister Mohammed bin Hamad al-Rumhy said on Wednesday.

al-Rumhy said he did not expect either an oversupply or shortage of oil after the US ends waivers on Iranian sanctions, as other big producers like Saudi Arabia and Russia are likely to balance the market.

al-Rumhy said the market was currently balanced and $70 per barrel was an appropriate price for producers and consumers. He added that despite US policy towards Iran and the crises in Venezuela and Libya, prices were likely to remain around this level.

Copyright Reuters, 2019