The Sultanate of Oman, is an Arab country in southwest Asia on the southeast coast of the Arabian Peninsula. It has a population of 2.577 million of which 1.844 million are Omanis. Oman is principally dependent on its vast reserve of crude oil. The total production of crude oil in Oman is around 700,000 barrels (110,000 m 3) of oil per day. There have been significant discoveries of natural gas, creating hope for gas-based industries. Oil represents about 90% of Oman’s exports. There has been a substantial trade surplus and the inflation continues to be low.
Omani citizens enjoy good living standards, but the future is uncertain with Oman’s limited oil reserves. The other sources of income, agriculture and local industries, are small in comparison and count for less than 1% of the country’s exports. Agriculture, often subsistence in its character, produces Dates, Limes, Grains and vegetables. Less than 1% of the country is under cultivation but, in general, food has to be imported. Industries contribute only with 4%, but there are governmental plans to increase this.