Premium Content Will Oman Hit Its Lofty Oil Output Goals? By Simon Watkins - Jan 28, 2021, 3:00 PM CST Facing a budget deficit this year alone that may reach 18 per cent of GDP, according to S&P Global Ratings, and budget deficits averaging at least 15 per cent per year over the next five years, according to various analyst estimates, Oman’s economy is desperate to try to extricate itself from the financial hole dug for it by Saudi Arabia’s 2014-2016 and 2020 oil price wars. With a fiscal breakeven oil price of just over US$109 per barrel (pb) of Brent this year, according to the IMF, and over 80 per cent of its revenues still coming from the hydrocarbons sector, the Oman government stated last week that the Sultanate is planning to raise its crude production to up to 1.1 million barrels per day (bpd) when the current OPEC+ supply accord ends. However, this will be extremely difficult to do, forcing it into considering more extreme options.