Oman oil price continues ascend, crosses $86 | Times of Oman

Oman oil price continues ascend, crosses $86 | Times of Oman

Muscat: Oman oil prices are at their highest since 2014, enabling the country to earn surpluses from the fossil fuel for the first time since 2008, say analysts. "The marker price on January 18 for March 2022 Oman crude oil futures contract (OQD) is $86. 70," said Dubai Mercantile Exchange (DME) in its daily update. The price of Oman crude sold by the DME has shot up by $3. 76 since 14 January. The oil price was $54 a barrel exactly a year ago on 18 January, 2021. Concerning oil, Minister of Finance Sultan Al Habsi said in his speech during the launch of State Budget Report that revenue from higher oil prices would be ploughed back into cutting deficit and repaying loan instalments. "Due to continuous fluctuations in global energy markets and their rapid impact on political factors and healthcare programmes, and in line with hedging principles used in fiscal policies, oil revenues were calculated assuming an average price of $50 a barrel," he said. The State Budget for this year was announced following the issuance of Royal Decree 1/2022. "Because oil prices are at their highest since 2014, this enables us to earn money from its sale, at