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Oman's 10th five-year plan (2020–2025) is the first implementation plan of Vision 2040, [24] and will focus its efforts towards achieving economic diversification. [25] The plan for economic diversification aims to move Oman away from the oil-and-gas-based sources of income, and has earmarked five sectors that have high growth potential and ...
Oman also has substantial trade and budget surpluses. 55% of Oman's government revenues come from non-oil industries. Petroleum accounts for 64% of total export earnings, 45% of government revenues and 50% of GDP. [44] By 2020 Oman hopes to reduce oil revenue to just 9% of its income. [47]
By the mid-2000s, production had climbed to more than 900,000 b/d and where they remain. Oman is not a member of OPEC. Yibal is the largest oilfield in Oman, and is operated primarily by Royal Dutch Shell. Since production started in 1968, Oman's maximum production has been 250,000 barrels a day. As of 2005, production declined to 88,000 ...
Oman, [b] officially the Sultanate of Oman, [c] is a country on the southeastern coast of the Arabian Peninsula in West Asia. It shares land borders with Saudi Arabia, the United Arab Emirates, and Yemen. The capital and largest city is Muscat. Oman has a population of about 5.28 million as of 2024, which is a 4.60% population increase from 2023.
In Oman, the kafala system is regulated by the foreign residency law and accompanying laws, while the system is enforced by the Ministry of Manpower and the Royal Oman Police. [ 76 ] [ 84 ] [ 87 ] [ 88 ] [ 89 ] According to Oman's 2003 Labour Law, an employer needs a permit issued by the Ministry of Manpower in order to import foreign workers ...
All five fields were on stream by 1975, the crude oil being transported via a new 20-inch (510 mm) pipeline to the main pipeline 75 kilometers east of Fahud. Thanks in part to these new sources of oil, production averaged 281,778 barrels per day (44,799.1 m 3 /d) (bpd) in 1972 and 341,000 barrels per day (54,200 m 3 /d) in 1976/76.
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The United Arab Emirates is a high-income developing market economy.The UAE's economy is the 4th largest in the Middle East (after Turkey, Saudi Arabia and Israel), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021-2023.