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Oman looks to increase daily oil output to 1.1mn barrels from next year

13 Jan 2021

As per the recently announced estimated figures in the state budget 2021, Oman’s daily average oil production stood at 974,000 barrels in 2020. 

Oman, the largest non-OPEC oil producer in the Middle East, could increase its oil production to 1.1mn barrel per day from 2022, which would be nearly 14 per cent higher compared to the sultanate’s daily average output in 2020.

As per the recently announced estimated figures in the state budget 2021, Oman’s daily average oil production stood at 974,000 barrels in 2020. 

And the average price at which Oman sold its crude during 2020 stood at US$46 per barrel.

According to the recently announced tenth five-year development plan (2021-2025), Oman is looking to produce 960,000 barrels per day of oil in 2021 and the production is expected to be increased to 1.107mn barrels per day in 2022.

The daily average production is projected to stay at 1.1mn barrels level in 2023, 2024 and 2025, as per the five-year plan’s financial framework.

The average price of Oman crude assumed under the tenth five-year plan stands at US$45 per barrel for 2021 and 2022.

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