Oman oil price shoots up to just short of $85 a barrel

Muscat: The price of Oman oil increased overnight by $1.16 to reach just short of $85 a barrel, reports the Dubai Mercantile Exchange (DME).

“The marker price on January 17 for March 2022 Oman crude oil futures contract is $ 84.94,” said the DME in an announcement.

Dr Mohammed Al Wardi, an economic analyst, added that the current price of oil was nearly $35 higher than the projected price listed in the budget.

Even as recently as a month ago, the price of Oman crude was listed as $73.24 a barrel, which means prices have shot up by more than $10 in a span of 30 days. Prices were better in November 2021, when oil fetched $81.26 a barrel, and even better on 18 October, when Oman crude was priced at $83.95.

However, about a year ago, on 18 January 2021, the price of oil hovered at about $54 a barrel, far closer to the estimated price listed in the budget. Oil prices, in fact, stayed between $50 and $55 a barrel for most of January 2021.