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Among the nations of the Middle East Oman is the most reliant on oil for its finances. Currently oil production and export accounts for 69% of the nation's revenue. The oil industry is
relatively young in Oman and consequently growth has come rapidly to the country. The government is also developing a plan to sustain its economy and divest its reliance on oil. By 2020 it hopes to reduce oil revenue to just 9% of its income. Along with that plan the country hopes to move away from rentier economics and employ its citizens in the labor market and reduce reliance on
expatriate labor. To take its first steps in economic independence it has signed a Free Trade Agreement with the United States and is seeking to do the same with the European Union, China, and Japan. It is currently maneuvering itself into the re-export and heavy manufacturing markets.