More than 270,000 expatriate workers left Oman in 2020 due to pandemic crisis

According to the data, Oman had 1.44 million non-Omani workers as of November, down from 1.71 million expatriate workers at the end of last year.

Many foreign workers have left Gulf countries this year as their hydrocarbon-dependent economies were simultaneously hit by the coronavirus pandemic. Also, the drop in oil demand and prices that came with it.

Earlier, the International Labour Organization said that it expected an expatriate exodus from the Gulf to be larger than after the 2008-2009 financial crisis and the 2014-2015 plunge in prices for oil, the region’s main export.

More than 340,000 foreign workers left Oman in 2010 following the financial crisis.

Earlier, oil prices had fallein, in part to ongoing reductions at refineries along the Gulf of Mexico following Hurricane Laura.

Oil prices had slid nearly 2% on the last day of the business week, as per details.

Brent futures fell 73 cents, or 1.8%, to settle at $40.06 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 75 cents, or 2.0%, to settle at $37.30.

The U.S. Energy Information Administration (EIA) had said crude inventories rose 2.0 million barrels last week.

Brent and WTI futures dropped to their lowest since mid-June and had remained in the oversold territory over the past several days.

Brent’s Relative Strength Index (RSI) was under 30 for a fifth straight day for the first time since March.