Oman export revenues hit a record $66.13bn for 2022, almost $10bn higher than the previous record of $56.35bn set in 2013. The gains were driven by buoyant oil and gas prices in the aftermath of Russia’s invasion of Ukraine.
Oman’s economy is largely dependent on the success of its oil and gas sector. For 2022, oil and gas export revenues were a record $42.9bn, some 65% of total export revenues and up 74% from the previous year’s $25.7bn. But the non-oil side also performed strongly, with revenues rising by 27% to a record $23.2bn (see chart). (CONTINUED - 761 WORDS)