Oman feeling the brunt of a regional economic crisis – AMEinfo

Oman feeling the brunt of a regional economic crisis – AMEinfo

Under the latest round of agreed cuts, Oman will slash its crude production by 23%. Oman has reportedly asked its GCC neighbors for help in redressing an ailing economy with revenues undermined by OPEC production cuts, and COVID-19 restrictions and lockdowns.. It estimated public debt to exceed 70% of GDP in 2020 and beyond.. Fitch predicted that Omanâ s non-oil economy will slip into a recession of  5% this year, and noted that â support from the rest of the GCC may be necessary for the sustainability of their currencies and debt levels.â.