Article length: 1429 words
Oil price rise postpones Omani budget crisis, but may also discourage reforms
After another rocky year, Oman’s budget was rescued by the global rise in crude prices towards end-2017, which helped to bail out an economy where 70% of total revenues still come from oil and gas, during a period when debt has started to mount up. Omani crude achieved an average $56.21/bbl on the Dubai Mercantile Exchange in December, compared to a 2017 budget assumption of $45/bbl oil; the H2 17 crude price hike means the annual average will have been about $50/bbl.
Credit value: 18