In an Era of Low Oil Prices, Oman Faces a Post-2011 Political Reckoning

Iranian President Hassan Rouhani, left, is welcomed by Omani Sultan Qaboos at the start of his visit, Muscat, Oman, Feb. 15, 2017 (Iranian Presidency Office photo via AP).
Iranian President Hassan Rouhani, left, is welcomed by Omani Sultan Qaboos at the start of his visit, Muscat, Oman, Feb. 15, 2017 (Iranian Presidency Office photo via AP).

Since the collapse of world oil prices in 2014, the wealthy Arab monarchies in the Persian Gulf have all faced difficult times, but especially Oman. Last month, things got even worse when Standard & Poor’s downgraded Oman’s credit rating to junk status over concerns with the country’s budget and revenue prospects as oil prices stay low. After recording average budgetary surpluses of 9.7 percent of GDP in the 2000s, Oman has seen fiscal deficits of 1.1 percent of GDP in 2014, 15.1 percent in 2015 and 20.6 percent in 2016. Unless oil prices increase significantly, the country will face the […]

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