Oman produced a record 1.165mn b/d of crude oil and condensate last quarter, surpassing the previous high of 1.153mn b/d set in Q2 (see chart 1). Located outside the Strait of Hormuz, the sultanate has been largely insulated from the disruption caused by the Middle East war that began on February 28, allowing it to produce without restrictions and capitalize on strong demand for its oil.