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Muscat: Oman oil has recorded its lowest worth for the yr 2022, at solely $77 per barrel.
Oman Information Company ( ONA ) mentioned in an announcement :”At the moment, the official worth of Oman oil for supply subsequent January is $77 and 50 cents.”
Mohammad Al Wardi, an instructional and financial analyst, mentioned: “Oil costs proceed to say no considerably, as Oman’s oil fell to $77, to document its lowest degree for this yr. This is because of fears of financial recession, the continued restrictions of Covid-19 in China, and a few geopolitical components.”
Al-Wardi additionally mentioned: “It’s a precaution for the Sultanate to undertake the 2023 finances on a conservative oil worth close to $55 per barrel.”
Declaring that the 2022 finances is predicated on a worth of $55 per barrel so as to management spending, curb the deficit, and any surplus achieved to be invested in lowering public debt and stimulating the financial system by rising the finances for growth initiatives.
One other financial analyst, Nasser Al-Ramahi, mentioned: “It’s anticipated that the worth of oil will rise after Russia prevented the export of its oil in response to the selections of the superpowers to set a ceiling for the worth of Russian oil at $60. Nevertheless, costs are nonetheless proceed to say no.”
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