As part of Oman’s broader strategy for economic diversification, efforts to position the sultanate as an international centre for the storage of crude oil and its derivatives are well under way. At the heart of the country’s appeal is its strategic location, which offers easy access to a range of markets in South Asia, the East and Africa, as...
The strong headwinds of 2017 in Oman’s oil and gas sector have spurred authorities to develop new sources of revenue. Despite recovering to 2015 levels of $55 a barrel, the steep fall in prices that saw Omani crude fall from $103 per barrel in 2014 to $40 in 2016 has squeezed state finances and added urgency to diversification efforts. On the...
The strong headwinds of 2017 in Oman’s oil and gas sector have spurred the authorities to develop new sources of revenue. Despite recovering to 2015 levels of $55 a barrel, the steep fall in prices that saw Omani crude fall from $103 per barrel in 2014 to $40 in 2016 has squeezed state finances and added urgency to diversification efforts. On the back of a drop in crude output – following an...
The effects of lower oil prices continue to be felt in Oman, with budget cuts and spending rationalisation still in evidence across the board. However, higher commodity prices in late 2017 and into early 2018 should provide a welcome boost to state revenues.
Oman is seeking to enhance its upstream gas segment to supply growing demand, with major upcoming projects expected to help achieve this goal.
