MUSCAT: The Sultanate of Oman, represented by the Ministry of Energy and Minerals, has announced its decision to extend its voluntary cut of 40,000 barrels of oil per day until December 2024 as a precautionary measure. This decision, the Ministry said, was made in coordination with the countries participating in the Opec+ agreement, which includes both Opec members and non-Opec oil-producing countries.

Opec described the move as aiming to "achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive and preemptive."

The extension of the voluntary cut is seen as a positive move by analysts, who believe that it will help stabilise the global oil market and ensure that oil prices remain within a reasonable range. The global oil market has been facing a number of challenges in recent times, including rising demand from emerging economies and geopolitical tensions around the globe.

Last April, Opec+ announced surprise oil output cuts of around 1.16 million barrels per day.

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