April 30, 2020 / 3:50 PM / a month ago

Oman plans about 30% cut in July crude allocations

DUBAI, April 30 (Reuters) - Oman has notified all its crude oil term customers of a cut of about 30% in their allocations for July loading and delivery, Oman’s oil and gas ministry said on Thursday.

OPEC and its allies led by Russia, a group known as OPEC+, agreed earlier this month to a new supply pact from May 1 to shore up the market, following a slide in demand caused by lockdowns to contain the new coronavirus.

Gulf oil producer Oman is a member of the OPEC+ alliance. (Reporting by Rania ElGamal; Editing by Mark Potter)

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