IMF Sees Fiscal Surpluses For Oman Through To 2027

26 Jun 2026 Issue: 69 / 26 By: James Marriott

Oman is forecast to record two years of surplus, according to the IMF. Muscat is ramping up oil production to record levels to capture windfall revenues from high oil prices while maintaining fiscal discipline.

Oman’s fiscal position has received a boost from the Hormuz crisis, which did not affect its crude exports as its terminals lie outside the waterway. Higher oil prices and stronger export revenues have improved significantly since Iran closed the strait in early March. The IMF said after a staff visit to Muscat from 7-15 June that Oman stands to post fiscal surpluses in both 2026 and 2027.

“Fiscal and external positions are set to strengthen, supported by higher oil revenues and continued fiscal discipline,” Abdullah AlHassan said in a post-visit note. He added that “the fiscal surplus is projected to widen to 4.5 percent of GDP in 2026 and 4.2 percent in 2027.” Muscat had already managed to narrow its first quarter deficit to $60mn, even before benefiting from the recent surge in oil prices (see chart 1). (CONTINUED - 695 WORDS)