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Oman is aiming to boost oil output by at least 20,000 b/d this year to surpass its previous record set in 2001. But the global slide in oil prices is putting the squeeze on Muscat’s finances, throwing this target into question.
Oman is targeting average oil output of at least 965,000 b/d this year, eclipsing earlier plans to maintain production at 950,000-960,000 b/d through 2018, officials from Oman’s Ministry of Oil and Gas (MOG) say. This represents a minimum increase of about 20,000 b/d in combined crude oil and condensate output from 2014, which at 943,000 b/d was already at a 13-year high. (CONTINUED - 1417 WORDS)