)
12:29 AM IST
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 U.S. 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 U.S. policy towards Iran and the crises in Venezuela and Libya, prices were likely to remain around this level.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
)
)
Japan is India's 5th-largest source of foreign investment: Piyush Goyal
Union budget prudently manages fiscal consolidation and growth objectives: RBI paper 
