Inflation index in the GCC states in October 2015 witnessed rates ranging between 0.43% in the Sultanate of Oman and 3.68% in the United Arab Emirates (UAE) compared with the same month in 2015, according to the latest statistics released by the GCC Statistical Centre (GCC-Stat).
The Meethaq Shari’a Supervisory Board led by Sheikh Dr. Ali Qaradaghi, Chairman, held the fourth meeting of 2015 to review the fourth quarter performance and growth strategy for 2016 of Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat.
The Sultanate’s issued currency in October stood at RO 1.66 billion as against RO 1.58 billion recorded in the same month last year, marking a rise of 5.6%.
A prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016, particularly those in the exploration & production (E&P) and drilling and oilfield services sectors (OFS), says Moody’s Investors Service.
Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation Opec members will exacerbate the global oversupply
Oman Vision 2040 Main Committee discussed the challenges facing the Omani private sector, the national pillars of the vision, the demographic changes in the Sultanate and the needs for development up to 2040.
Production of refined petroleum products in Oman grew 2.6 per cent to 70.7 million barrels for the first ten months of 2015, from 68.93 million barrels for the same period of last year.
Oman’s trade balance during the first seven months of 2015 registered a surplus of OMR1,581.3 million, despite the decline of 31.7 per cent in exports during the period.