The White House said that China has agreed to import at least 10 million metric tons of coal from the United States next year, and again in 2028, in a sign of additional progress in easing trade frictions between the world's two largest economies, Bloomberg reported on Saturday.
Bloomberg quoted the White House as saying in a statement that the two sides will also seek to impose more preferential tariffs on non-sensitive goods worth $30 billion from both countries, as part of the agreement reached within the framework of the newly activated US-China Trade Council.
The statement said that American products eligible for preferential customs duties include agricultural goods, seafood, lumber, cosmetics, and medical devices.
Chinese consumer goods, such as small appliances, toys, holiday decorations, and children's car seats, are included in the agreement.
The two countries also formed a working group focused on addressing market access barriers in agriculture, a sector that has long been a focal issue in bilateral trade negotiations.
Separately, Washington and Beijing established an investment council aimed at discussing investment opportunities and removing investment-related obstacles.
According to the statement, the two sides also confirmed that they will continue to work to address US concerns about supply chain shortages related to rare earth metals and other vital minerals.
Standard & Poor's fixed Oman's sovereign credit rating at "BBB-" in the long term and "A-3" in the short term, with a "stable" outlook, at a time when it raised its expectations for the growth of the Omani economy during the current year to 3.5 percent, from 1.6 percent in its previous estimates, driven by increased oil and gas production and the continued flow of exports through routes that do not depend on the Strait. Hormuz.
The agency said that Oman's location gives it a comparative advantage in light of the current geopolitical turmoil. Its oil and gas exports do not depend on the Strait of Hormuz, and it can access global markets through ports with a direct connection to the Arabian Sea, including Duqm, Mina Al Fahal, and Salalah.
She pointed out that hydrocarbons represent about 30 percent of Oman’s gross domestic product, 50 percent of commodity exports, and 70 percent of government revenues, which makes the continuation of supply chains and the flow of exports a supportive factor for growth, revenues, and strengthening the financial situation.
Standard & Poor's expects Oman's oil production to rise to about 1.1 million barrels per day in 2026, compared to about 1.03 million barrels per day in 2025, with the possibility of production reaching 1.2 million barrels per day during the period 2027-2029. The agency had monitored an increase in oil and gas production by about 16 percent until July compared to the end of last year.
The agency's forecasts for real domestic product growth are based on increased activity in the hydrocarbons sector, with estimates that growth will average about 2.4 percent during the period 2027-2029. It also expects the non-oil economy to grow, supported by the trade, logistics, information technology, and financial services sectors.
Stronger financial and external margins
The agency said that the stable outlook reflects its belief that liquid government assets, which exceed 40 percent of gross domestic product, and foreign exchange reserves approaching 20 percent of output, will provide margins of protection against negative geopolitical developments, with the exception of a long-term escalation scenario targeting the energy infrastructure and civil facilities in the Sultanate.
Standard & Poor's expects public finances to turn into a surplus of 4.8 percent of GDP in 2026, based on the assumption that the average price of Brent crude will remain at $95 per barrel during the remainder of the year. It also expects a financial surplus of 2.2 percent of output in 2027, before the financial situation approaches balance in 2028 and 2029 with the decline in oil prices.
On the external level, the agency expects export flows to rise by about 35 percent during 2026, which supports recording a current account surplus equivalent to 3.5 percent of the gross domestic product. This surplus is expected to gradually decline to about 1.8 percent of output by 2029.
It also expects foreign exchange reserves to remain in a range between $19 and $21 billion until 2029, after reaching about $19.5 billion at the end of June 2026.
Meanwhile, the agency expects the government to remain in a net asset position over the period 2026-2029, with total government debt stabilizing at less than 30 percent of GDP by 2029, compared to about 32 percent in 2025, and after a high of 68 percent following the pandemic.
Reform and diversification
Standard & Poor's believes that the economic reform agenda in Oman continues to advance, with improved coordination between ministries and enhanced oversight, in a way that supports the goals of "Oman Vision 2040." She indicated that a number of the targets of the Tenth Development Plan for the period 2021-2025 were close to being achieved or exceeded, including the growth of the non-oil sector, which reached 3.9 percent, compared to a target of 3.2 percent.
The agency expected the eleventh development plan for the period 2026-2030 to continue to focus on deepening local capital markets and enhancing financial regulation, noting that the market value of the Muscat Stock Exchange is equivalent to about 37 percent of the gross domestic product.
She also pointed out that the increase in handling traffic in Omani ports strengthens the Sultanate’s position as an alternative center for transport and trade in the region. During the first half of 2026, cargo volumes increased at Salalah Port by about 15 percent and in Sohar Port by about 52 percent, according to agency estimates.
In the energy sector, Oman continues to invest in renewable energy projects, green hydrogen and liquid ammonia, while renewable energy increased from about 50 megawatts in 2021 to more than 1,600 megawatts in 2025.
Despite these supportive factors, the agency maintained its estimates that geopolitical risks will remain, assuming that unrest in the Middle East continues until 2027. It said that the duration and scale of the conflict and its potential impact on commodity prices, supply chains, economies and credit conditions still involve a high degree of uncertainty.
