S&P affirmed Oman’s BB/B credit rating and said the outlook was stable due to an expectation that the economy’s performance will improve amid stable oil production and growth in the non-oil economy. “The stable outlook balances our expectation that Oman’s fiscal and external deficits will narrow over the next 6-12 months against the risk that its still-significant external buffers will deteriorate further,” the rating agency said. Oman’s economy, which is highly dependent on the oil sector, is expected to grow 3% in 2018 after contracting an estimated 0.3% last year, the rating agency said. The country’s economy remains vulnerable to volatility in energy prices and oil production volumes but over the medium term is expected to be less exposed amid rising oil prices and more stable oil production. S&P said it expects an increase in gas output from the massive Khazzan gas field. The operation, a joint venture between BP, which has a 60% stake, and the government-owned Oman Oil Company and Exploration and production, which has a 40% stake, began production in September 2017.