Oman has announced the discovery of newly-found crude reserves that would increase its oil output by 100,000 barrels over the next few years.
According to the Oman News Agency on Saturday, the country’s crude oil reserves now stand at 5.2 billion barrels and its gas reserves amount to 24 trillion cubic feet.
Citing the Sultanate’s Energy and Minerals Minister, Mohammed bin Hamad Al Rumhy, the agency stated that the government aims to continue efforts to make new discoveries to maintain the nation’s crude reserves and to ascertain whether output should be increased in the future, according to market demand.
The boost to Oman’s oil reserves comes amid the huge increase in global demand for crude products and fuel supplies, which have been significantly hit over the past two years of the Covid-19 pandemic and now the ongoing Russian invasion of Ukraine.
Since the launch of that invasion over three months ago, Russian oil has been sanctioned and rejected by many Western and European States, leaving a large gap in the market and driving up the prices.
In March, the Omani Sultan, Haitham bin Tarik, said that Muscat plans to use revenue from the rising oil prices to reduce its public debt and support spending on government projects, as well as ensuring inflation does not impact the prices of basic commodities and necessities.