Economy
Main article: Economy of Oman
The economy of Oman is dominated by its dependence on Crude oil. A joint venture called IPC drilled a number of dry holes from 1956 onwards though the logistics of doing this were extremely difficult due to lack of any transportation infrastructure.
A lack of success, combined with worsening logistical problems and a glut of oil on the world market, led most of the partners to withdraw from the venture in 1960. Only Shell and Partex opted to remain in Oman to continue the search for oil. They struck oil at Yibal in 1962 at a site just some few hundreds of metres from the last dry hole.
Today Oman produces around 700,000 barrels (110,000 m³) of oil per day and there have been significant discoveries of natural gas and development of LNG terminals.
The income generated was quickly deployed into building infrastructures of roads, schools, hospitals, water and electricity generating plants. All of this activity has made Oman a major success story for economic growth.
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalise its markets and joined the