News

Oman Oil Price Rises 1.49 US Dollars Muscat, 12 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 73.67 US Dollars, comprising a rise by 1.49 US Dollars compared to the price of yesterday “Wednesday” which stood at 72.19 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery 2024. --- Ends/AG ...

Round 3 of Green Hydrogen Projects Unveiled Muscat, 11 Dec (ONA) --- Hydrogen Oman Company“Hydrom” today unveiled the 3rd round of public bidding on lands for green hydrogen projects in the Sultanate of Oman. The bidding round will start in early 2025. This was announced during the “Investor Day” event which was organized by Hydrom. The event is first-of-its-kind and it saw the participation of 400 investors and leaders in the sector from all over the world. The participants aimed to explore new strategic investment opportunities in the green hydrogen sector in ...

ICAO Security Week Concludes with Muscat Declaration Muscat, 11 Dec (ONA) --- Activities of the International Civil Aviation Organization (ICAO) Security Week 2024 concluded today with Muscat Declaration on Aviation Security and Aviation Cybersecurity. Muscat Declaration affirms that aviation connects the world, brings people and countries together, and makes social and economic development possible through travel, trade and tourism, and thus shall be effectively protected. The declaration acknowledges the importance of a common UN approach involving cooperation and ...

Energy, Minerals Ministry Signs Mining Concession Agreement to Produce 400,000 Tons of Salt AnnuallyMuscat, 11 Dec (ONA) --- The Ministry of Energy and Minerals today signed a concession agreement with Naqa Salt company for mining in area No. 51-k, located in the Film area in Al Wusta Governorate. Through the agreement, the company has a mandate to explore an area of ​​109 square kilometres to produce about 400,000 tons of salt annually. The agreement was signed on behalf of the Government of the Sultanate of Oman by Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals. ...

Gold Prices Remain Flat Amid Focus on Inflation Data Washington, 11 Dec (ONA) --- Gold prices traded mostly flat today as investors looked forward to a critical U.S. inflation print that could influence chances of a widely expected Federal Reserve's interest rate cut next week and offer more cues on their 2025 outlook.Spot gold held its ground at $2,693.80 per ounce, as of 1038 GMT, having hit its highest since Nov. 25 earlier in the session. U.S. gold futures rose 0.2% to $2,724.10.Markets are keenly watching upcoming U.S. inflation data, as a 25-basis-point Fed rate cut next week ...

Oman Oil Price Rises 51 CentsMuscat, 11 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 72.19 US Dollars, comprising a rise by 51 cents compared to the price of yesterday “Tuesday” which stood at 71.68 US Dollars.The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery ...

PDO Awards 3 Renewable Independent Power Producer Projects Muscat, 11 Dec (ONA) --- Petroleum Development Oman (PDO) announced today the signing of landmark agreements with OQ Alternative Energy (OQAE) and TotalEnergies to develop three pivotal Renewable Independent Power Producer (IPP) projects. These projects are the North Solar 100MWac PV IPP, Riyah-1 Wind 100MWac IPP, and Riyah-2 Wind 100MWac IPP. These projects represent a significant stride in PDO's commitment to sustainability, aligning with Oman’s Vision 2040 and the national target of achieving Net Zero emissions by ...

Oil Rises on Hopes of Rising Demand in ChinaSingapore, 11 Dec (ONA) --- Oil prices rose today, with market participants expecting to see demand rising in China next year (2025) after Beijing announced a looser monetary policy to stimulate economic growth. Brent crude futures gained 10 cents, or 0.14%, to $72.29 a barrel. US West Texas Intermediate crude futures rose 9 cents, or 0.13%, to $68.68. Chinese crude imports grew annually for the first time in seven months in November 2024, up more than 14% from a year earlier. Meanwhile, official data on ...

State Public Revenue Exceed RO 10.2 Billion by End of October 2024 Muscat, 11 Dec (ONA) --- The State’s public revenue by the end of October 2024 reached RO 10,203 million, comprising a 4% increase from RO 9,800 million registered during the corresponding period of 2023, primarily driven by higher net oil revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance. By the end of October 2024, net oil revenue reached RO 6,029 million, going up by 11% from RO 5,446 million in the same period of 2023. The average realized oil price was USD 83 per ...

Finance Minister Receives Foreign Affairs Minister of Maldives Muscat, 11 Dec (ONA) --- Sultan Salim Al Habsi, Minister of Finance received in his office today Dr. Abdullah Khaleel, Minister of Foreign Affairs of the Republic of Maldives. The meeting discussed a set of economic and financial topics of common concern and reviewed means of boosting cooperation between Oman and Maldives in various areas. --- Ends/AH ...

MSX Drops 20 PointsMuscat, 10 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (20.3) points, comprising a decline by (0.45%) to close at (4532.86) points, compared to the last session, which stood at (4553.15) points.The trading value today stood at (RO 2,496,924), comprising a drop by (34.4%), compared to the last session, which stood at (RO 3,808,496).The report released by MSX pointed out that the market value went down by (0.229%) to reach about (RO 27.27) billion.The report added that the value of shares bought by non-Omani investors reached (RO 76,000), ...

CAA Issues License for Drone Air Traffic Management Muscat, 10 Dec (ONA) --- The Civil Aviation Authority (CAA) has granted a license to "Tahleeq Drone Services" (LLC) for the registration and management of drone air traffic in the Sultanate of Oman. This initiative aims to enhance air navigation safety and regulate drone operations within Omani airspace. The move is part of the activities of the International Civil Aviation Organization (ICAO) Security Week and the High-Level Ministerial Meeting from during 9 to 12 December 2024. The drone air traffic registration and ...

EU Updates Product Liability Rules for Digital Age and Circular Economy Brussels, 10 Dec (ONA) --- The European Union (EU) has updated its product liability rules to reflect advancements in technology and the rise of circular economy business models. The revised framework, the first major overhaul since 1985, includes new provisions for digital and connected products such as software, artificial intelligence (AI) systems, and product-related digital services. The changes aim to simplify compensation claims for consumers by providing clearer pathways to address ...

Gold Extends Gains as China Pledges More StimulusSingapore, 10 Dec (ONA) --- Gold prices extended gains today after top consumer China pledged to ramp up policy stimulus to help spur economic growth, with investors are awaiting US inflation data for further insights into the Federal Reserve's interest rate outlook. Spot gold was up 0.5% at $2,671.03 per ounce. US gold futures rose 0.3% to $2,693.50. Gold hit a two-week high yesterday (Monday), supported by China's central bank resuming purchases after a six-month hiatus. Spot silver added 0.6% to ...

ASMED Organizes Programme for Venture Capital and Governance of Family Businesses Muscat, 10 Dec (ONA) --- The Authority for Small and Medium Enterprises Development (ASMED) organized a programme for venture capital (VC) and governance of family businesses. The programme aims to empower owners of family businesses to gain strategic visions in the fields of VC and governance. The two-day programme is organized in cooperation with the THARAWAT Family Business Forum held in Oman Convention and Exhibition Centre (OCEC). The event includes several discussion panels that explore ...

Oil Inches LowerTokyo, 10 Dec (ONA) --- Oil prices eased slightly today, holding on to most of their gains from the prior session. Brent crude futures were down 13 cents, or about 0.2%, at $72.01 per barrel. US West Texas Intermediate crude futures were down 14 cents, also 0.2% lower, at $68.23. Both climbed more than 1% yesterday (Monday). The markets are expecting China trade data for November today and a report from the American Petroleum Institute (API) industry group later in the day showing US crude oil and gasoline stockpiles last week.--- ...

Oman Oil Price Drops 9 CentsMuscat, 10 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 71.68 US Dollars, comprising a drop by 9 cents compared to the price of yesterday “Monday” which stood at 71.77 US Dollars.The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollars per barrel higher than November delivery ...

Electricity Production in Oman Increases 8.1% Till end of September 2024 Muscat, 10 (ONA) — The Sultanate of Oman’s total production of electricity till the end of September 2024 increased by 8.1%, reaching 37,584.7 GWh, compared to 34,777.4 GWh in the same period of 2023, according to statistics issued by the National Centre for Statistics and Information (NCSI). Statistics showed that the Governorates of North Al Batinah, South Al Batinah and Al Dhahirah recorded total electricity production of 23,586.1 GWh. The Governorates of North Al Sharqiyah and South ...

Tender Results of Government Treasury Bills Worth RO 50 Million Issued Muscat, 9 Dec (ONA) --- The total issuance of Government Treasury Bills amounted to RO 50 million. The value of the allotted Treasury bills amounted to RO 0.100 million, for a maturity period of 28 days. The average accepted price reached RO 99.700 for every RO 100, and the minimum accepted price arrived at RO 99.700 per RO 100. The average discount rate and the average yield reached 3.91071% and 3.92248%, respectively. The value of the allotted Treasury bills amounted to RO 28 million, for a ...

FTA Boosts Trade Relations With Oman: US Official AffirmsMuscat, 9 Dec (ONA) —— The volume of trade exchange between the Sultanate of Oman and the United States of America has increased by 30% over the past three years to reach more than 3 billion US dollars, and the volume of Omani exports to the United States has doubled since 2009.Meanwhile, a delegation from the US, led by Jose W. Fernandez, United States Under Secretary of State for Economic Growth, Energy, and the Environment, is currently visiting Oman to discuss means of promoting cooperation in various trade, economic and ...

MSX Gains 4 PointsMuscat, 9 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (4.97) points, comprising a rise by (0.11%) to close at (4553.15) points, compared to the last session, which stood at (4548.18) points.The trading value today stood at (RO 3,808,496), comprising a surge by (35.6%), compared to the last session, which stood at (RO 2,807,867).The report released by MSX pointed out that the market value went down by (0.013%) to reach about (RO 27.34) billion.The report added that the value of shares bought by non-Omani investors reached (RO ...

Oman Marks 15th Anniversary of Free Trade Agreement with US Muscat, 9 Dec (ONA) --- The Ministry of Commerce, Industry and Investment Promotion today organised a celebration marking the 15th anniversary of signing the Oman-US Free Trade Agreement (FTA). The ceremony was held in cooperation with the US Embassy in the Sultanate of Oman, the US State Department, Oman Chamber of Commerce and Industry (OCCI) and the US-Oman Business Centre. The event celebrates the role of the FTA in consolidating economic and trade relations between the two countries, highlighting promising ...

Gulf Statistics Day Is Celebrated in Muscat Muscat, 9 Dec (ONA) --- The GCC Statistical Centre today celebrated the Gulf Statistics Day under the theme “Future of Statistics Towards Sustainable Gulf Development,” reflecting the critical role statistics play in supporting developmental efforts by providing reliable data and indicators for decision-makers and assessing developmental achievements. The ceremony was held under the patronage of Jassim bin Mohammed Al Budaiwi, GCC Secretary-General in the presence of Sayyid Badr bin Hamad Al Busaidi, ...

Oil Prices Mixed as Middle East Tensions RiseSingapore, 9 Dec (ONA) --- Oil prices were mixed in early Asia trade today as concerns over weak Chinese demand were offset by rising tensions in the Middle East. Brent crude futures fell by 1 cent to $71.11 per barrel. US West Texas Intermediate (WTI) crude futures rose by 1 cent to $67.21 per barrel. Brent lost more than 2.5% last week, while WTI saw a drop of 1.2%. Analysts projected a supply surplus next year (2025) on weak demand despite an OPEC+ decision to delay output hikes and extend deep ...

Gold Rises as Investors await US Inflation Data for Fed CluesSingapore, 9 Dec (ONA) --- Gold prices rose today as investors awaited US inflation data due this week for clues on the Federal Reserve's next monetary policy moves. Spot gold was up 0.1% at $2,631.60 per ounce, after hitting a session high at $2,647.99. US gold futures were steady at $2,658.10. Spot silver was flat at $30.99 per ounce, platinum held steady at $930.20 and palladium rose 0.6% to $962.10.--- ...

Oman Oil Price Rises 4 Cents Muscat, 9 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 71.77 US Dollars, comprising a rise by 4 cents compared to the price of last “Friday” which stood at 71.73 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery 2024. --- Ends/Thuraiya/KH ...

OQ Inks 7 Investment Agreements to Establish Industrial Projects Muscat, 8 Dec (ONA) --- OQ Group today signed seven investment agreements with local and international companies, securing a total of RO 25.5 million (USD 66.4 million) for industrial projects under the "Ladayn Polymer Park." This initiative, conducted in collaboration with the Public Establishment for Industrial Estates (Madayn), the National Programme for Investment and Export Development (Nazdaher), and the Ministry of Commerce, Industry, and Investment Promotion, aims to bolster Oman’s economic ...

CBO Holds Annual Bankers’ Meeting 2024 Muscat, 8 Dec (ONA) —— The Annual Bankers’ Meeting 2024 “Digitalizing Tomorrow” was held at the Royal Academy of Management (RAM) today under the chairmanship of Tahir Salim Al Amri, Executive President of the Central Bank of Oman (CBO). The event saw the participation of CEOs and senior officials of licensed banks, payment service providers (PSPs) operating in the Sultanate of Oman and Oman Banks Association (OBA). The Executive President of CBO in his opening remarks highlighted the directives of His Majesty Sultan ...

Broad Money Supply in Oman Increases by RO 3 Billion Muscat, 8 Dec (ONA) --- Broad money supply (M2) in the Sultanate of Oman increased by 13.9% to reach RO 24,692.5 million by the end of September 2024, according to the statistics issued by the National Centre for Statistics and Information (NCSI). Narrow money supply (M1) by the end of September 2024 stood at RO 6,708.7 million, comprising an increase of 18.2% compared to the corresponding period in 2023. The total foreign assets at the Central Bank of Oman (CBO) increased by 20.7% to RO 7,488 million by the end of ...

MSX Drops 23 Points Muscat, 8 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (23.3) points, comprising a decline by (0.51%) to close at (4548.18) points, compared to the last session, which stood at (4571.51) points. The trading value today stood at (RO 2,807,867), comprising a drop by (51.5%), compared to the last session, which stood at (RO 5,794,252). The report released by MSX pointed out that the market value went down by (0.246%) to reach about (RO 27.34) billion. The report added that the value of shares bought by non-Omani investors reached ...