Mohammed bin Hamad Al Rumhi, the energy minister of non-OPEC Oman, said that it is unlikely to see oil at $80 a barrel! Oil producing countries should accept oil at $60! He added that all oil producers want the oil price to increase to $80, same as him. But is it logical? Presumably NO. We must accept this situation.
Oman is an oil producer but not a member of OPEC. Previously Oman had reduced its oil output in order to decrease global oil supply and support prices. According to economists, Oman needs oil to be as expensive as $85 per barrel to keep its budget balanced. Saudi Arabia also needs oil to be $80 per barrel.

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