UPDATE 1-Oman expects oil prices to stay between USD 70-USD 80 per barrel

Oman's Oil Minister Mohammed bin Hamad al-Rumhi said on Monday he expects oil prices to remain between $70 to $80 a barrel this year, Omani news website WAF reported on Twitter.

Saudi Arabia, Kuwait, and the United Arab Emirates are the only three countries that have the capacity to increase oil production, he said at an oil conference in Oman.

OPEC and its allies pledged on June 22-23 to return to 100 percent compliance with their agreement to reduce their combined output by 1.8 million bpd. The pact was first implemented in January 2017.

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