Oman's Economic Outlook Soars as Oil Production Rises

Oman's economic outlook has improved significantly according to S&P Global Ratings. The agency raised its forecast for real GDP growth in 2026 to 3.5% from 1.6%. This is due to higher oil production, stronger energy prices, and increased trade and logistics activity.

S&P expects Oman's average daily oil production to increase to 1.1mn barrels per day (bpd) in 2026 from 1.03mn bpd in 2025. As a result, real GDP growth is expected to accelerate from 2.3% in 2025.

Oman's position as an alternative regional trading and logistics hub is also strengthening. Cargo volumes at the ports of Salalah and Sohar increased approximately 15% and 52%, respectively, in the first half of 2026.