Oil Production in Oman
The economy grew 4.3% last year. The expansion was led by the oil sector, which grew 10.2%. The non-hydrocarbons sector expanded 1.6%, with services output rising 5.0%. Heading into 2023, the hydrocarbons sector appears to have weakened, with oil output close to stagnant in January–April compared to 2022. That said, LNG exports were up 23% in January–February, providing some respite. The non-hydrocarbons sector may be faring better, with inflation having ticked down in the year so far. In other news, Moody’s bumped up the government’s credit rating a notch to ‘Ba2’ in mid-May and kept a positive outlook, citing stronger fiscal metrics as a result of energy prices rising sharply last year. Bearing out this conclusion, in late May, the government announced it had a 2.7% of GDP budget surplus in 2022—the best result in nearly 10 years.
Oman Oil Production Chart
This chart displays Oil Production (mn barrels per day, aop) for Oman from 2013 to 2022.
Oman Oil Production Data
2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|
Oil Production (mn barrels per day, aop) | 0.97 | 0.98 | 0.97 | 0.95 | 0.97 |