Muscat: Oman’s crude was traded at $68.35 at Dubai Mercantile Exchange (DME) on Monday for May 2021 delivery.
The crude witnessed an increase of $1.94 compared to Friday's rate of 66.41.
Oil soared past fiscal breakeven prices for the Middle East’s four biggest producers after OPEC+ kept output largely unchanged.
"If oil prices stay at current levels, we would see fiscal surpluses for the larger Gulf Cooperation Council economies, which will offer more space to support economic recovery,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. This provides more fiscal space to
Budget deficits in the GCC widened after prices crashed in March 2020. OPEC+ agreed last year to take about 10 percent of global supply off the market to stem the plunge. While the group has slowly rolled back some of those cuts, it is curtailing more than 7 million barrels of daily production.
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