EIA: Country Analysis Brief: Oman - August 2017 - eng (pdf)

Пятница, 25 августа 2017 19:05

Oman is the largest oil and natural gas producer in the Middle East that is not a member of the Organization of the Petroleum Exporting Countries.

Located on the Arabian Peninsula, Oman’s proximity to the Arabian Sea, Gulf of Oman, and Persian Gulf grant it access to some of the most important energy corridors in the world, enhancing Oman’s position in the global energy supply chain (Figure 1). Oman plans to capitalize on this strategic location by constructing a world-class oil refining and storage complex near Ad Duqm, Oman, which lies outside the Strait of Hormuz (an important oil transit chokepoint).

Like many countries in the Middle East, Oman is highly dependent on its hydrocarbons sector. The Oman Ministry of Finance stated that finances have been severely affected by the decline in oil prices since mid-2014. In 2016, Oman lost more than 67% of its oil and natural gas revenues compared with oil revenue the country earned in 2014, despite achieving record production.1 Oil revenue accounted for 27% of Oman’s gross domestic product (GDP) in 2016, a decrease from 34% of GDP in 2015 and 46% in 2014, according to the Central Bank of Oman.2

The ninth iteration of the Oman 5-Year Plan (2016-2020) released in 2016, created in the context of sustained low oil prices, aims to enhance the country’s economic diversification by adopting a set of sectoral objectives, policies, and mechanisms that will increase non-oil revenue. Oman’s diversification program is largely aimed at expanding industries such as fertilizer, petrochemicals, aluminum, power generation, and water desalination. Concerted efforts to develop these sectors would also accelerate non-oil job growth in coming years.3 However, with rising production levels and a growing petrochemical sector–which relies on liquefied petroleum gases (LPG) and natural gas liquids (NGL)–the country is unlikely to significantly alter its dependence on hydrocarbons as a major revenue stream in the short term.

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