Oman in Growth Mode

Buoyed by rising oil prices, growth of non-oil revenues and supported by reduced spending, the Omani economy was able to achieve many positive results in 2017, preliminary statistics show, ONA reported. Oil prices, which rose again in 2017, bolstered the state’s public finances. Preliminary statistics indicate that government revenues rose to OMR7.2 billion ($18.70 billion) as at the end of last November 2017, constituting an increase by OMR1 billion from their level in the same period of 2016. The government cut spending to reach OMR10.5 billion compared to OMR11.1 billion in the corresponding period of 2016. The average price of Oman oil last year grew by 27.8% to $51.3 per barrel, compared to $40.1 per barrel in 2016. According to the monthly bulletin issued by the National Center for Statistics and Information, figures indicate the sultanate’s commitment to reduce its oil production to an average of 970,000 barrels per day, compared to more than one million barrels per day in 2016.