Saving in Oman

The saving in Oman is dominated by its dependence with the Pétrole. A joint venture called IPC drilled a great number of wells of survey starting from 1956 in spite of problems of logistics caused by a lack of infrastructures for transport.

A lack of success, combined with logistic problems which did nothing but worsen and an oil superabundance on the worldwide market pushed the majority of associated to withdraw company in 1960. Only Shell and Partex decided to remain present in Oman to continue to seek oil. They ended up finding some with Yibal in 1962 to a few hundred meters of the last well of survey.

Nowadays, Oman produces approximately 700 000 barrels (110 000 m ³) of oil per day and one discovered a certain number of layers of important Natural gas. Oil accounts for approximately 90% of exports. The oil extraction is nevertheless declining (of 4% per annum approximately) since 1997, date where Yibal saw its production crumbling. On the other hand, the production of gas is in increase.

The generated incomes were quickly invested in the construction of infrastructures such as roads, schools, hospital, powerplant and production of fresh water. All these activities made of Oman a very large success story of the economic growth although it is one of the two only oil-producing countries significant of the the Middle East which does not form part of OPEC - with the Yemen.

The economic performance of Oman improved to a significant degree in 2000, grace mainly to a rise of the oil prices. The government goes from before while privatisant its industry, while developing a commercial legislation facilitating the overseas investments, and while increasing its budgetary expenditure. Oman continuous to liberalize its market and joined OMC in November 2000. GDP improved in 2001 in spite of a total deceleration of the economy.

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