Oman's oil minister: OPEC+ does not want to see oil prices rise to $100

International crude oil that fell for days rebounded
strongly as the market bet that Omicron had a limited impact on the global economic recovery, oil supply could not keep up with demand growth, and investors believed that the Fed was less hawkish than expected.
Oman's oil minister said OPEC and its allies do not want crude prices to climb to $100 a barrel and are quickly resuming production to prevent global markets from "overheating"
.

OPEC and its allies continue to gradually resume oil production halted during the pandemic at a rate of 400,000 barrels per day, but in practice, its growth has been limited
by internal unrest and budget tightening.
Crude oil prices have been rising this year, with Brent and WTI crude prices exceeding $
80 per barrel.

Oman's oil minister, Mohammed Al Rumhi, said: "So far, I think an increase of 400,000 barrels is a good decision because demand is growing and we want to make sure the market doesn't overheat
.
We don't want to see oil prices rise to $
100 a barrel.
The world is not ready
for this.
”

The rise in oil prices has worried many consumer countries as it has exacerbated inflationary pressures and threatened the global economy's recovery
from the pandemic.
Part of the problem, Al Rumhi said, is a tightening
of global capacity after a series of spending cuts.

Over the past five years, "investment in the sector has been restricted, and we are now paying for it," Al Rumhi said
.

Affected by oil supply disruptions in Nigeria and Libya, OPEC completed only part of its production increase last
month.
Many members of the wider alliance, such as Angola and Malaysia, have also seen a decline
in oil production due to reduced investment.
Even Russia struggled to boost production
last month.

Separately, Oman is planning its first round of international mineral tenders, and companies from Japan and the UK have shown interest
in investing in silicone extraction.