Oman is facing declining oil production as a result of field maturity although recovery work and new exploration are expected to stem falls and lead to some recovery in output by the end of the decade. The country’s crude is however, significant in pricing for the region and will represent the deliverable component of the sour rude futures contract planned by the Dubai Mercantile Exchange in 2007.
Oman is not a member of OPEC but occasionally coordinates policy with the group. It’s gas production and exports are a significant policy focus, although, like many Gulf states, it is trying to balance the desire for exports and gas-based industry with burgeoning domestic demand. This is likely to see it seek further gas imports in future, from both Qatar and Iran.
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