Even before the latest Saudi-instigated oil war crashed oil prices, Oman had a budget breakeven price per barrel of Brent of over US$85, with a senior legal source in Abu Dhabi focussed on the oil industry spoken to by OilPrice.com at that time stating that the Sultanate needed at least US$7 billion ‘very quickly’ to avoid extremely negative financial consequences. Given the twin facts that Oman only has around five billion barrels of estimated proved oil reserves (barely the 22nd largest in the world) but is still dependent on the…
