Oman’s petroleum and other liquids production reached record levels in 2016

U.S. Energy Information Administration -------- Oman set a new record with annual total oil production in 2016 exceeding 1 million barrels per day (b/d). Oman’s petroleum and other liquids production ranks seventh among the Middle Eastern countries. Oman is the largest oil producer in the Middle East that is not a member of the Organization of the Petroleum Exporting Countries (OPEC). Like many countries in the Middle East, Oman is highly reliant on its hydrocarbons sector. The Oman Ministry of Finance stated that finances have been severely affected by the decline in oil prices since mid-2014. In 2016, Oman's oil and natural gas revenues were 67% lower than in 2014, despite achieving record production. Oil revenue accounted for 27% of Oman’s gross domestic product (GDP) in 2016, a decrease from 34% of GDP in 2015 and 46% in 2014. To learn more click on the picture below to read the article.