Oman notched up a third consecutive budget surplus for 2024 and stands a good chance of making it four in a row this year, despite budgeting for a $1.61bn deficit. Muscat’s 2025 revenue projections are based on an assumed oil price of $60/B, which appears conservative even amid concerns over weakening oil markets.
Last year’s budget anticipated $60/B as well, and forecasts of a $1.7bn deficit proved wide of the mark, with preliminary full year figures showing a $1.40bn surplus. With oil and gas accounting for 72% of government revenues last year, oil prices remain far and away the key determinator of economic health for Oman. As the new year begins the oil-producer will be eying flagging oil demand from China (MEES, 20 December 2024), by far the largest buyer of Omani oil, and non-Opec+ supply growth for the coming year. (CONTINUED - 744 WORDS)
