Oman’s Finance Ministry estimates it will boost oil production by more than 10% next year to 1.175m barrels per day.
The ministry announced a preliminary budget for 2023 on Tuesday with an oil price of $55 a barrel, less than today’s level of around $80.
It’s also far below analysts’ expectation for Brent to average $95 next year, according to a Bloomberg survey.
Oman oil production
The country currently pumps around 1m barrels a day of crude and condensate, a light type of oil.
It is a member of OPEC+, a 23-nation producers group led by Saudi Arabia and Russia.
This month, the alliance decided to maintain output at current levels. It’s scheduled to meet again in June, though it can convene earlier if prices weaken or rise significantly.
Follow us on
For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
