Oman Achieves Record Oil Output For 2022

27 Jan 2023 Issue: 66 / 4 By: Megan Byrne

Oman smashed its previous record-high oil production in 2022, driven by the unwinding of Opec+ production cuts and robust condensate output. Yet despite the re-imposition of Opec+ restrictions, Oman has set itself the task of boosting output by more than 100,000 b/d this year. Mission impossible?

The final numbers are in, and Oman can look back on a year of record-breaking oil and gas production, with oil export revenues ultimately falling just short of their all-time high. The booming hydrocarbon sector has strengthened Oman’s frail economy (MEES, 27 January), and while oil prices are unlikely to be as strong this year, Oman has ambitious production goals that if achieved will provide a welcome influx of revenues.

Crude oil and condensate output averaged 1.064mn b/d for 2022 according to the latest government statistics, up strongly from the previous year’s 971,000 b/d. More notably, this was a substantial 60,000 b/d increase on the previous record high of 1.004mn b/d set back in 2016 in the last year before the Opec+ cuts came into force. (CONTINUED - 837 WORDS)