Middle East Economic Survey

VOL. L

No 49

3-December-2007

oman

Oman Draft Budget Envisages 20% Rise in Revenue Based On $45/B Oil Price

Omans 2008 draft budget, approved by Majlis al-Shura on 26 November, projects a 20% increase in revenues to OR5,400mn ($14,062mn), a 19% increase in expenditure to OR5,800mn ($15,104mn), and a resulting deficit of OR400mn ($1,042mn), unchanged from 2007. The budget is based on an oil price assumption of $45/B, up from $40/B in 2007, and oil production is projected...