Oman to hike oil production to over 1mn barrels per day

Muscat: Oman’s general budget for 2022, ratified by His Majesty Sultan Haitham Bin Tarik via a Royal Decree, states that the country will increase its oil production, to more than one million barrels per day (bpd).

“In 2022, the Sultanate of Oman will produce 1.05 million barrels daily with a calculated value of $50 per barrel that is consistent with the principle of precaution in price determination to deal with fluctuations,” the Ministry of Finance said in a statement on Saturday.

“The value of spending in the budget for 2022 is estimated at OMR12.13 billion with a budget deficit of OMR1.55 billion and a revenue of OMR10.58 billion. The deficit will be financed by domestic and external borrowing of OMR1.15 billion and OMR400 million will be withdrawn from the strategic reserves.”

The ministry explained that the 2022 budget seeks to achieve a number of economic and social goals, among others, include the following:

1. Maintaining safe and sustainable levels of public spending.

2. Continuing to raise the contribution of non-oil revenues.

3. Giving priority to the implementation of projects related to the productive sectors.

4. Giving priority to completing the digital transformation programme.

5. Maintaining the level of spending on basic services.

6. Redirecting the support to the deserving segments of society.

7. Continuing to work on improving the credit rating of the Sultanate.

8. Continuing to support training and rehabilitation and create new job opportunities.

9. Continuing to support small and medium enterprises (SMEs).