Oman’s revenues slump as output rises

Ironically, Oman’s fiscal slump has come during a period when the hydrocarbons industry has upped its performance. Ministry
of Oil and Gas data show average crude and condensate output rising to 981,100 b/d in 2015, from 943,500 b/d in 2014; output peaked at 1,007,000 b/d in December. However, the average price nearly halved to $56.5/bbl in 2015 from $103.2/bbl. Consequently, government revenues fell to $17.4bn, from $30.1bn in 2014, despite oil exports reaching a record 844,000 b/d (77% of which went to China).