Oman’s crude output jumped 7% month-on-month to 720,300 b/d in August following the beginning of Opec+’s Phase-2 production quotas (see p8). As such the August figure is just under Oman’s 722,000 b/d quota for the rest of the year. Presuming condensate output on par with July volumes (221,000 b/d), this would put total Omani oil production at 943,000 b/d for August – its highest since April – and ought to have fetched the sultanate just over $1bn in export revenues for the month.
Oil and gas revenues account for around 80% of total government revenues and will prove crucial to easing Oman’s reliance on debt markets to finance spending (see main story). (CONTINUED - 206 WORDS)