10 Things You Didn’t Know About Oman

3. It is home to the 25th largest collection of oil reserves in the world.

The total amount of confirmed oil reserves in Oman is estimated to be around 5.5 billion barrels, placing Oman as having the 25th largest oil reserves in the world. Oil is, therefore, the largest economic contributor in Oman accounting for 61% of all exports from the Sultanate. The average daily oil production in Oman is 930,000 barrels, a sharp increase from 714,800 barrels produced per day between 2000 and 2007. The exploration of oil, as well as the establishment of oil infrastructure, is conducted by Ministry of Oil and Gas of Oman. The oil is exported as crude oil or as numerous refined oil by-products.

4. However, it is not totally dependent on oil.

While Oman has some of the largest oil reserves in the world, the country’s economy is not entirely reliant on the natural resource. A global decline in oil prices in 1998 made the Omani government establish and implement policies necessary for the diversification of its economy. One of the most important economic drivers in Oman is tourism with the sector being the fastest growing industry. The government has set up heavily-funded marketing programs to attract foreign visitors to the country with the government placing TV advertisements on many major international media broadcasters. Another important sector of the economy is agriculture which accounts for 1% of all exports from Oman with dates, grains, and vegetables being the most popular agricultural export items.

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