• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 37 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 7 hours Tesla Launches Faster Third Generation Supercharger
  • 41 mins EU has already lost the Trump vs. EU Trade War
  • 8 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 38 mins ''Err ... but Trump ...?'' #Humph
  • 10 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 1 hour China's Renewables Boom Hits the Wall
  • 22 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 17 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 23 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 21 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 22 hours Trump Interview On Farage's Radio Show #classy
IEA Sees $90 Crude Ahead Of Oil’s Downfall

IEA Sees $90 Crude Ahead Of Oil’s Downfall

IEA’s latest report does not…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Oman Sells $2.5 Billion in International Bonds

Oman

For the first time in 20 years, Oman has sold international bonds in order to stop the effects of a crippling budget deficit caused by the low price of crude oil.

The government raised US$2.5 billion - $1 billion worth of five-year notes at a coupon rate of 3.625 percent and US$1.5 billion worth of 10-year bonds at 4.75 percent - according to a person familiar with the matter cited by Gulf Times.

In April, Oman chose five banks - Citi, JP Morgan, Mitsubishi UFJ Securities, Natixis and National Bank of Abu Dhabi - to organize the sale. Analysts had said a goal date set in the second quarter on 2016 would not be achievable due to the timing of the holy month of Ramadan and the amount of work required for a successful bond sale campaign.

Oman is the largest oil producing Arab country that does not participate in Saudi-led OPEC.

Several other countries have used the bond market to pay for budget shortfalls that have accumulated in weight over the past few years.

Qatar, the world’s biggest provider of liquefied natural gas, raised $9 billion during a bond sale last month, which amounted to the Middle East’s largest-ever bond issue. The United Arab Emirates raised $5 billion in April through similar means.

Related: $50 Oil Has U.S. Rig Count Increasing For 2nd Week In A Row

Saudi Arabia will sell $15 billion in international debt later this year, which would be the largest sale of its kind by a developing country.

In 2016, Oman’s budget deficit is expected to shrink to 19.7 percent of gross domestic product from 20.4 percent in 2015, according to estimates calculated by the International Monetary Fund.

Oil and gas ventures contribute to 85 percent of the monarchy’s revenues, according to The Wall Street Journal.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play