Oman's Growth Outlook Bolstered by Oil Production and Trade

S&P Global Ratings has raised its forecast for Oman's real GDP growth in 2026 to 3.5% from 1.6%, citing improved oil production, energy prices, and trade activity.

The ratings agency also affirmed Oman's 'BBB-' long-term and 'A-3' short-term sovereign ratings with a stable outlook.

Oman's unique position among its Gulf neighbors is due to its hydrocarbon exports not relying on the Strait of Hormuz, allowing for unobstructed export through ports with direct Arabian Sea access.

S&P expects Oman's average daily oil production to increase to 1.1mn barrels per day in 2026 from 1.03mn bpd in 2025, before rising to 1.2mn bpd during 2027-2029.