22/10/2026 05:48 AST
Oman's oil production rose 12.3% in the first nine months of 2026, while the average price of its crude increased 14.7%. However, oil export volumes grew at a more moderate pace, according to official data.
Total oil production reached 305.14mn barrels during January-September, compared with 271.70mn barrels in the corresponding period of 2025, data released by the National Centre for Statistics and Information (NCSI) showed.
Average daily production increased to 1.118mn barrels in the first nine months of 2026 from 995,200 barrels a day a year earlier. Monthly production peaked at an average of 1.172mn barrels per day (bpd) in May, while September's average stood at 1.170mn bpd.
Monthly production volumes moderated in September, falling to 35.12mn barrels from 36.22mn barrels in August and 35.79mn barrels in July, the NCSI data showed.
The average price of Oman crude oil reached $82.6 per barrel during January-September, up 14.7% from $72 in the same period last year. However, the monthly average fell to $76.4 in September from $79.1 in August and $102 in July.
Oil exports increase 2.5%
Total oil exports increased 2.5% to 235.84mn barrels in the first nine months of 2026, compared with 230.18mn barrels a year earlier.
Meanwhile, the value of Oman's oil and gas exports rose 23.9% to RO12.089bn during January-August this year, up from RO9.759bn in the corresponding period of 2025.
Liquefied natural gas (LNG) exports recorded the strongest growth in value, increasing 50.4% to RO2.023bn. Exports of refined oil products rose 22.2% to RO3.344bn, while crude oil export earnings increased 18.4% to RO6.722bn.
Increased production and higher oil prices have supported Oman's energy sector in 2026, contributing to an improved economic outlook even as regional tensions have disrupted energy markets.
S&P Global Ratings recently highlighted Oman's ability to maintain hydrocarbon exports through ports with direct access to the Arabian Sea, reducing its reliance on the Strait of Hormuz.
"Oman continues to be notably positioned among its Gulf neighbors because its hydrocarbon exports do not rely on the Strait of Hormuz. This has allowed for the unobstructed export of oil and gas through ports that have direct Arabian Sea access," S&P said.
S&P expects Oman's annual average daily oil production to reach 1.1mn bpd in 2026, up from 1.03mn bpd in 2025, before increasing to 1.2mn bpd during 2027-2029.
The International Monetary Fund had said that Oman's economy remained resilient despite regional tensions and was expected to record stronger growth of 4.1% in 2026, supported by higher oil and gas production and prudent macroeconomic policies. The Fund also noted that the country's principal export terminals are located outside the Strait of Hormuz, enabling it to maintain energy exports despite heightened geopolitical risks.
Oman's real gross domestic product (GDP) expanded 5.1% year-on-year in the second quarter of 2026, accelerating from 3% growth in the first quarter. Oil and gas activities were a major contributor to the expansion, with value added rising 14.7%. Within the sector, crude oil activity grew 15.2%, while natural gas activity increased 11.7% in the second quarter.
Muscat Daily
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