Oman On Course For Record Crude Export Revenues In May

17 Apr 2026 Issue: 69 / 16 By: James Marriott

Positioned outside the Strait of Hormuz, Oman has carried on producing and exporting oil unaffected by the regional conflict. Spectacular price spikes on the GME Oman contract mean that crude export revenues could surge by $1.5bn to a new record in May.

The Middle East conflict that is wreaking havoc on regional economies is set to deliver a windfall to Oman. The de facto closure of the Strait of Hormuz has forced its neighbors to slash production, but Oman is benefiting from the resultant oil price surge.

Oman has been relatively unaffected by the closure as its primary oil and gas operations are located outside the Strait of Hormuz. This advantaged position has led to a spike in demand for Omani crude as comparable grades from other Middle Eastern producers are now in extremely short supply. Volumes are priced off trading on the Gulf Mercantile Exchange (GME), where contracts are traded two months forward so in March, the front-month contract reflects May loadings. The monthly average of these trades is then used as the official selling price (OSP). (CONTINUED - 847 WORDS)