Oman notched up a 3rd consecutive price range surplus for 2024 and stands a great likelihood of creating it 4 in a row this 12 months, regardless of budgeting for a $1.61bn deficit. Muscat’s 2025 income projections are primarily based on an assumed oil value of $60/B, which seems conservative even amid considerations over weakening oil markets.
Final 12 months’s price range anticipated $60/B as effectively, and forecasts of a $1.7bn deficit proved large of the mark, with preliminary full 12 months figures displaying a $1.40bn surplus. With oil and fuel accounting for 72% of presidency revenues final 12 months, oil costs stay far and away the important thing determinator of financial well being for Oman. As the brand new 12 months begins the oil-producer will likely be eying flagging oil demand from China (MEES, 20 December 2024), by far the biggest purchaser of Omani oil, and non-Opec+ provide development for the approaching 12 months. (CONTINUED – 744 WORDS)
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