Oil & the turned off global economy

Oil & the turned off global economy

China was the largest customer of Oman's oil, taking 90% of the sultanate's oil exports, according to government data.. Major oil producers have engaged in a war for oil market share, resulting in a sizable supply shock.. In a world that isn't moving, the price of oil is likely to move in only one direction - down.. After Oman's fellow Gulf oil producer Saudi Arabia launched the oil price war on Russia early in March, many oil market analysts said that Oman has one of the most vulnerable economies in the region and among global oil producers in times of crashing oil prices.. Oman's break-even price - the oil price required to balance the government budget, all else being equal - is $82 a barrel Brent Crude, according to Fitch Ratings.. The IMF said the global economy is expected to shrink by 3% this year.. The demand shock could ultimately create an inflationary oil supply shock of historic proportions because so much oil production will be forced to be shut in.. Oman's Oil and Gas Ministry stated it will reduce oil production by 23% in May and June to comply with the OPEC+ cuts agreed to.. Oman government agencies were