Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
Oman’s freshly-released 2015 budget envisages a record $6.5bn deficit. Spending will fall by 4.7% in real-terms and revenue by 18%. But even these figures are optimistic. MEES analysis suggests they imply an $80/B price for Oman crude, $30/B above current levels. Muscat will likely be forced to raid its relatively-limited foreign reserves.
Oman’s 2015 budget, released on 1 January, envisages total...