【Ferro-alloys.com】: Oman is accelerating its transformation in the energy sector. According to 2024 data,natural gas production increased by around 5%, while oil output recorded a slightdecline. The country aims to diversify its energy mix, reduce import dependence, andbuild a more sustainable energy infrastructure.

0man is stepping up investments in its energy sector as part of its broader economic diversificationstrategy. Data from 2024 shows a modest decline in crude oil production but a notable rise in natural gasoutput.

According to the Central Bank's latest report, Oman's average oil price stood at $81.2 per barrel in 2024.While this figure was slightly below the previous year's average of $82.3, the oil and gas sector stillaccounted for 34.6% of nominalGDP.Around 73% of total government revenues also came from this sector.

Crude oil production dropped by 5.4% in 2024 to an average of 992,600 barrels per day, totaling 363.3million barrels for the year. In contrast, natural gas output rose from 51,996 million cubic meters in 2023 to54,612 million cubic meters in 2024 - an increase of about 5%. The growth was driven by rising industrialactivity, higher electricity demand, and strong export needs.

Experts emphasize that natural gas plays a central role in 0man's long-term energy strategy.The countryaims to enhance production diversity, reduce reliance on imports, and establish a sustainable energyframework for the future.

Economists note that this upward trend in natural gas output could bring positive momentum to the Omanieconomy. However, they also highlight the need to closely monitor the decline in oil production anduncertainties in global energy markets.

• [Editor:Alakay]