Oman plans to cut spending by 5.3% in its freshly-released budget for 2019, slightly more than the expected fall in revenue. The 2019 budget assumes $58/B, down from $69/B for 2018. Muscat would need $80/B to balance the budget.

Oman’s 2019 budget, ratified this week by the aging Sultan Qaboos, anticipates a $200mn reduction in the deficit to OR2.8bn ($7.3bn at the fixed rate of OR1=$2.596) from an estimated 2018 figure of $7.5bn, a 5% cut in real terms.

Though this implies a third...