JEDDAH: Oman’s nominal gross domestic product grew by 2.6 percent at the end of the second quarter of the year compared to the same period in 2023.
The growth was primarily driven by a 5 percent increase in the non-hydrocarbon sector. However, it was partially offset by a 1.4 percent reduction in hydrocarbon sector production, according to preliminary data from the National Center for Statistics and Information.
Real GDP also saw an increase of 1.9 percent, with the non-hydrocarbon sector contributing 4.2 percent to this expansion.
As of October, the average price of Omani oil increased by 2.5 percent to $82.6 per barrel, while oil production decreased by 5.4 percent to nearly 994,000 barrels per day. Additionally, the Consumer Price Index reflected a modest 0.6 percent year-on-year inflation as of October.
Non-oil exports, insured sales grow 5% in Q3
The sultanate’s non-oil exports and domestic sales insured by Credit Oman grew by 5 percent in the third quarter, reaching 272.8 million Omani rials ($708.8 million).
Domestic sales rose 15 percent to 126.9 million rials, while non-oil exports declined slightly by 2 percent to 145.9 million rials, according to official data reported by the country’s news agency.
The petrochemical and plastics sector saw a 58 percent increase, while the mining industry dropped by 42 percent. In the domestic market, packaging led growth with a 156 percent rise, while building materials declined by 12 percent. Consumer goods and food sales grew by 13 percent.
133 maritime tourism licenses issued
The Ministry of Transport, Communications, and Information Technology has said that the number of licenses issued for maritime tourist trips from the beginning of January to the end of August reached 133.
Eight firms are currently managing and operating the tourist marine docks in the governorates of Musandam, South Al-Batinah, Muscat, and Dhofar.
The Director General of Ports, Muhanna bin Moosa bin Baqir, said that the ministry oversees Oman’s maritime affairs, focusing on monitoring operational performance and ensuring compliance with international standards for ship security and port facilities. He added that his ministry aims to enhance the operational efficiency of these terminals.
Gas production and imports up 4.5% to 47.1bn cubic meters
The total domestic production and import of natural gas in Oman reached 47.1 billion cubic meters by the end of October, marking a 4.5 percent increase compared to 45.1 billion cubic meters in the same period last year.
According to statistics from the NCSI, industrial projects accounted for 51.1 percent of natural gas usage in the country by the end of October, totaling approximately 24.1 billion cubic meters.
The total natural gas usage reached 9.9 billion cubic meters in oil fields, 12.9 billion cubic meters in power stations, and 208.3 million cubic meters in industrial areas.
Non-associated natural gas production, including imports, amounted to 37.5 billion cubic meters, while associated production stood at 9.6 billion cubic meters by the end of the current year.
Oil exports reach 256.3m barrels by October
According to the same statistics, Oman’s total oil exports reached approximately 256.3 million barrels by the end of October, with an average price of $82.6 per barrel.
Oil exports accounted for 84.6 percent of the total oil production, which was 303.1 million barrels.
The data also revealed that crude oil production decreased by 6.6 percent, totaling 232.1 million barrels by the end of October. However, condensate production increased by 0.2 percent, reaching 71.1 million barrels. The average daily oil production was 993,900 barrels.
