Oman's Minister of Oil and Gas on Monday called for increased investment in its oil industry.
"Decrease in investment of oil production poses a major challenge for the oil industry, oil producers should attract further investments to protect the market," Mohammed Al-Rumhi made the remarks at the fifth Kuwait Oil and Gas Conference and Exhibition in Kuwait.
OPEC members' commitment to the oil output cut agreement, which began in January 2017, has helped bring back investment and contributed significantly to the recovery of oil markets and prices, he noted.
Oil prices have fallen sharply over the past 40 years and hit the lowest level in 2017. OPEC was not ready and prepared for the oil price slump in 2014, Al-Rumhi said, adding that it took the organization two years to find ways to deal with the crisis.
OPEC members should deal with such crisis in the best way that secures the interests of all parties, including the producers and consumers, Al-Rumhi noted.
Oman is world's largest non-OPEC producer of crude oil.
Editor:Amber
