The slide in Oman’s export revenues in 2019 pushed it closer towards a first trade deficit in years. The weak oil and gas outlook for 2020 could tip it over the edge this year. With hydrocarbons accounting for nearly 70% of total export revenues, the sultanate is very exposed to a price downturn.
Overall, export revenues slid $3bn to $38.7bn last year as both oil and non-oil revenues fell against 2018 figures, recently released stats show. On the oil and gas front all three of Oman’s key hydrocarbons exports (crude, refined products, and LNG) brought in lower year-on-year earnings. (CONTINUED - 810 WORDS)