ECONOMY:

Oman’s proved reserves of petroleum total about 5.5 billion barrels, 25th largest in the world. Oil is extracted and processed by petroleum development oman (PDO), with proven oil reserves holding approximately steady, although oil production has been declining. The ministry of oil and gas is responsible for all oil and gas infrastructure and projects in Oman.Following the 1970’s energy crisis, Oman doubled their oil output between 1979 and 1985.Between 2000 and 2007, production fell by more than 26%, from 972,000 to 714,800 barrels per day.

Production has recovered to 816,000 barrels in 2009, and 930,000 barrels per day in 2012.  Oman’s natural gas reserves are estimated at 849.5 billion cubic meters, ranking 28th in the world, and production in 2008 was about 24 billion cubic meters per year.