Falling crude hastens Oman’s diversification plans

摘要

Falling crude prices have injected a new urgency into Oman’s plans to diversify its oil and gas sector, as the country tries to maximise production from its ageing and technologically challenging fields. Oman set a breakeven crude price of $85/bl in its 2014 budget, which is well below an IMF estimate of $102/bl. Crude prices below the Omani range have led to the country’s growing financial pressure as its economy hinges on oil and natural gas, which together account for 85pc of export revenues.