FUELLING GROWTH

Oil demand is projected to show signs of improvement in light of assumed increases in economic activity in 2020. The petrochemical and transportation sectors are expected to support oil demand growth in 2020. Oil demand in 2020 is projected to increase by 0.08 mb/d, according to OPEC Monthly Oil Report.

The Sultanate’s economic outlook appears to be healthy over the medium term aided by thriving non-oil economic sectors and new enabling policies, including those that foster a more positive business climate, the Central Bank of Oman (CBO) said in its new published 2018 Annual Report.

Oman’s economy is showing positive outlook with HE Salim bin Nasser Al Aufi, Undersecretary at the Ministry of Oil and Gas stating at the 2019 World Heavy Oil Congress that oil and gas sector development will continue even if oil prices drop below $40 per barrel.

The cover story looks at Duqm region, which has been designated as Oman’s next industrial centre with investments of up to $15 billion earmarked for petrochemicals and infrastructure development over the next 15 years.

Enjoy reading the issue!