Tight oil and gas markets mean that Oman’s economy is on the rise, with the sultanate recording a $2.04bn surplus for 1H 2022 versus a $2.88bn deficit for the year ago period. The surplus marks an economic rebound for Oman, which could be on track to end the year with its first surplus since 2008. Q2’s surplus of $1.12bn was up fractionally on Q1 (MEES, 27 May) for the highest quarterly figure since Q1 2014.

Revenues were up across the board, with total 1H revenue of $17.47bn up 54% on 1H 2021 for the highest 1H figure since 2014 (see chart). Oman is on track to smash the plans set out in the 2022 budget – actual 1H revenue is almost 64% of the budget full-year figure of $27.48bn. The budget, based on a conservative $50/B oil price assumption, projected a $4bn deficit (MEES, 14 January). The IMF estimates that Oman only needs an oil price of $73/B to balance its 2022 finances. (CONTINUED - 1097 WORDS)