Oman forecasts 10% increase in oil production in 2023

Kateryna Kadabashy, Bloomberg December 20, 2022

(Bloomberg)— Oman’s Finance Ministry estimates the Persian Gulf state will boost oil production by more than 10% next year to 1.175 million bpd.

The ministry announced a preliminary budget for 2023 on Dec. 20 with an oil price of $55 per bbl, less than today’s level of around $80. It’s also far below analysts’ expectation for Brent to average $95 next year, according to a Bloomberg survey.

Oman pumps around 1 million bpd of crude and condensate, a light type of oil. It’s a member of OPEC+, a 23-nation producers group led by Saudi Arabia and Russia.

In December, the alliance decided to maintain output at current levels. It’s scheduled to meet again in June, though it can convene earlier if prices weaken or rise significantly.

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