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Two Big Producers Just Called a Bottom for Oil: $60 a Barrel

OPEC+ member Oman sees crude average as high as $70 this year
Oil prices are up more than 20 percent since December lows

Video player cover image — Al Falih, Al Mazrouei, Al Rumhi, Descalzi on OPEC+ cut deal

By

Anthony Di Paola,

Mahmoud Habboush,

Manus Cranny, and

Verity Ratcliffe

January 12, 2019, 10:25 AM UTCUpdated onJanuary 13, 2019, 5:18 AM UTC

Italy’s top oil producer and Oman’s energy minister predict the latest oil rebound will stick.

Prices are up more than 20 percent since hitting an almost two-year low in December, enough to alter OPEC+ rhetoric from reassuring investors that it will cut output to taking credit for the rebound, and in the case of Oman, forecasting where oil will trade for the year.