Oman’s 2016 liquids production target of 990,000 b/d continues to look conservative as May output hit 999,836 b/d. Production for the year has averaged 998,000 b/d so far and it looks more likely that Oman will average 1mn b/d than fail to meet its target.

Crude production was a record 910,000 b/d, beating December's 905,000 b/d. Last year’s 981,000 b/d was the highest annual liquids output on record, but 2016 is set to smash this mark. Output in the first five months of...