Hydrocarbon exports from outside Hormuz pull Oman into an OMR 90 mn surplus after a year in deficit

Hydrocarbon exports tip Oman into surplus: Oman posted a budget surplus of OMR 90 mn in 9M 2026, reversing an OMR 433 mn deficit a year earlier. Oil and gas exports helped government revenues hit OMR 9.8 bn — a 16% y-o-y rise that outpaced the 9% y-o-y increase in spending.

Natural gas did most of the work: Net natural gas revenue jumped 61% to OMR 2.1 bn, above the OMR 1.9 bn budgeted for all of 2026, while net oil revenues rose by just 7% to OMR 5 bn. That means gas revenue added about OMR 800 mn, while oil revenues added some OMR 300 mn compared to last year. By our math, both oil and gas revenues account for over 80% of the rise in revenues — and natural gas alone accounts for 60% at OMR 800 mn of added returns compared to last year.

Qatar’s loss was Oman’s gain: Oman’s Qalhat LNG plant sits outside the Strait of Hormuz and has kept exporting, mostly on spot terms at war-inflated prices, while Qatar shipped just 18 cargoes in the war’s first six months against 509 a year earlier.

What to watch for: The 2027 budget, due around 1 January, will show whether Muscat lifts the USD 60 bb / d oil assumption it has used for three straight years. The Energy and Minerals Ministry has pledged to direct any windfall to the deficit and debt repayment.