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Dear Valued asalah Priority Banking Client,

As turbulent as 2016 may be, Oman can heave a sigh of relief knowing that it has managed to end the year on a positive note. After weathering the economic storm, we look to a new year with confidence and renewed optimism.

Oman agreed to cut crude oil output by 45,000 barrels per day (bpd) as part of a landmark deal by non-OPEC oil producers to support a global effort to shore up oil prices. The proposed reduction, which comes into effect from 1 January 2017, represents around 4.5% of the current output averaging around 1 million bpd. Oman’s crude oil production crossed the one-million-bpd mark at the end of November 2016, to reach 1.01 million bpd. Production during the period went up by 3% compared to the same period in 2015. READ MORE