OMAN: OIL REVENUES BOOST COUNTRY’S FISCAL POSITION AND IMPROVE CREDIT OUTLOOK

   Wed, 14 September 2022

Oman is witnessing a strong economic turnaround as a result of fiscal consolidation efforts and supported by high hydrocarbon prices among other factors. Oman has more recently emerged as a reform standout, with a programme to balance the books and lower its debt that included the introduction of value-added tax last year. The daily average production of oil continued to remain above the one million barrels per day mark during the first seven months of this year, and the near-term outlook remains positive. A fiscal surplus that will likely now be used to reduce debt and promote development projects.