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Oman has jumped from a budget deficit last year to a $930 surplus as of the end of the first quarter of 2022, thanks to a significant increase in oil revenues by more than 70%, Reuters reported.
Oman saw gas revenue for Q1 more than double.
In March, Oman’s oil production reached a two-year high, with the country–a member of the Gulf Cooperation Council (GCC)--meeting its quota as outlined in the OPEC+ production deal for the first time in 2022.
Oman’s oil production averaged 1.04 million barrels per day in March–a production level the country hasn’t reached since this same period in 2020, right before the pandemic.
The Sultanate’s total crude oil exports rose by 18% at the end of March 2022, compared to the same month a year ago, with exports to South Korea ramping up by over 99%, according to the Times of Oman.
At the same time, Oman has seen production at its refineries and across its petroleum industry decline by 25% year-on-year for the month of March, according to official data.
While the production of standard-grade petrol increased by just over 27% for the period, that was offset by declines in the production of M-95 fuel, diesel and aviation fuel, media cited data from Oman’s National Centre for Statistics and Information as saying.
Oman’s production of M-95 fuel fell by 34.3% year-on-year, with sales down 12.3% and export down by 18.6%.
Diesel production fell by nearly 37%, while sales rose 2% and exports dropped by nearly 56%. For aviation fuel, production saw a 6% drop but a more than 75% surge in sales, though a 17% drop in exports.
High oil prices have been a windfall for GCC economies, but OPEC has resisted raising production, citing a lack of spare capacity and concern surrounding future demand.
Last Tuesday, OPEC+ approved a 432,000 bpd output increase for June, but expectations are for final output to come in lower, particularly as Libya’s has some 600,000 bpd offline and Nigeria has had trouble reaching capacity.
Saudi Arabia saw a 9.6% rise in its economic growth rate in Q1–the fastest rate in ten years. Q1 oil sector growth topped 20%, year-over-year.
UAE’s GDP growth is also on track to soar this year, with the IMF and the UAE Central Bank forecasting over 4%.
Bahrain is also set to swing into surplus this year, as long as oil prices remain high, according to the National Bank of Kuwait.
By Charles Kennedy for Oilprice.com
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Charles is a writer for Oilprice.com