Oman has jumped from a budget deficit last year to a $930 surplus as of the end of the first quarter of 2022, thanks to a significant increase in oil revenues by more than 70%, Reuters reported. Oman saw gas revenue for Q1 more than double. In March, Oman’s oil production reached a two-year high, with the country–a member of the Gulf Cooperation Council (GCC)--meeting its quota as outlined in the OPEC+ production deal for the first time in 2022.
Oman’s oil production averaged 1.04 million barrels per day…Oil Stocks Plummet As Broader Markets Tanks
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