Oil price rally to strengthen Oman’s economy

  • Date: 08-Mar-2021
  • Source: Times of Oman
  • Sector:Oil & Gas
  • Country:Oman
  • Who else needs to know?

Oil price rally to strengthen Oman’s economy

Muscat: The continuing rally in oil prices will help strengthen the economy of Oman with the prices now returning to where they were before the pandemic struck, and reaching their natural position, according to experts. On Monday, Oman oil prices rose sharply by US$1. 94 to reach US$68. 35 compared to the price of last Friday, when it closed at US$66. 41. The average price of Oman Oil (March Delivery 2021) has now stabilised at US$54. 78, this is US$4. 79 per barrel higher than February Delivery 2021, Dubai Mercantile Exchange (DME) data reveals. Speaking exclusively to the Times of Oman, Dr Mohammed Al Wardi, an academic and economic analyst, said, "Oman oil price has risen because of the Organisation of Petroleum Exporting Countries (OPEC), fixing production cuts and Saudi Arabia continuing its voluntary reduction until the end of April.""With the emergence of indicators of high inflation in the US economy due to fiscal stimulus initiatives, this may boost oil prices in the future," he further added. Khalfan Al Touqi, an economic analyst, spoke exclusively to the Times of Oman regarding the reasons for the rise in the price of Oman oil which he expects to reach nearly $70 per