AlwaysFree: Oman Expects $50 Per Barrel Oil Price In 2022 Budget Plan

Oman’s finance ministry said on Saturday that it plans to base its 2022 budget on an oil price of $50 per barrel, compared to $45 per barrel in this year’s budget. The ministry noted that the oil price assumption would allow the country to cope with oil price volatility. The projected price level also reflects appropriate estimates on the fiscal deficit that can be financed, the ministry added. Economists said Oman needed oil prices at $67 per barrel to balance its 2022 budget, compared to $74 per barrel in 2021.

Oman, the largest non-OPEC oil producer in the Middle East, plans to pump 1.055 million bpd of crude oil next year, up from 960,000 bpd projected in this year’s budget. That would result in oil revenue of OMR10.58 billion ($27.40 billion) this year, 22.5% higher than OMR8.64 billion ($22.38 billion) projected this year. The ministry expects a 56% year-on-year gain in net oil income and a 40% increase in natural gas revenue in 2021.

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