 In 1976, Oman's oil production rose to 366,000 barrels (58,000 m³) per day but declined to about 285,000 barrels (45,000 m³) per day in the late 1980s due to the depletion of recoverable reserves.From 1981 to 1986, Oman compensated for declining oil prices by increasing production levels to 600,000 b/d; however, when oil prices collapsed in 1986, revenues dropped dramatically.Production was cut back temporarily in coordination with the Organization of Petroleum Exporting Countries (OPEC).