Of all the Gulf states Oman is the most individualistic. Set outside the Straits of Hormuz, the country looks over the Indian Ocean to east Africa and beyond. Unlike its peers, the sultanate is not a member of the Opec oil cartel and has said explicitly that it will not join a single Gulf currency.
Nor does the sultanate have the same hydrocarbon reserves as its neighbours.
With a population of 3.1m, 1.5m of them expatriates, Oman’s reserves stand at only 5.5bn barrels, according to US Energy Information Administration. This is a fraction of the oil available to Saudi Arabia and Kuwait.
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