Middle East Economic Survey
Oman 2006 Budget Projects $1.7Bn Deficit Based On $32/B Oil Price
Oman on 1 January ratified the government budget for 2006, projecting a deficit of OR650mn ($1.7bn) on spending of OR4,237mn ($11bn) and revenue of OR3,587mn ($9.3bn). The budget is based on a conservative oil price assumption of $32/B albeit considerably higher than the 2005 oil price assumption of $23/B. The budget projects average oil production for the year at...