Despite a ninth straight budget deficit, 2017 was a decent year for Oman energy. Exports held steady, revenues ticked up, and products output broke records.

Despite crude and condensate output falling 34,000 b/d in 2017, and exports dropping 75,000 b/d to 806,000 b/d, Oman’s upstream sector enjoyed a successful year. With the Opec+ production curbs slated to last until end-2018, a liquids output rise this year looks unlikely.

But even with production stagnant, Oman can still expect...