Middle East Economic Survey
Oman 2005 Budget Projects $1.4Bn Deficit Based On $23/B Oil Price
Omans budget for 2005 projects a deficit of OR540mn ($1.4bn), with oil revenues based on an oil price of just $23/B. Declining production levels mean that the budget is based on average daily production of 753,000 b/d well below the 909,000 b/d estimated under the current five-year plan for 2001-05. Nevertheless, the rise in the oil price assumption from $21/B last year...