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  • 04-12-14

    Oman to revise budgeted oil price for 2015

    (MENAFN) Oman's Ministry of Finance said it might have to revise its oil prices for 2015 budget due to the continuous fall in oil prices as well as the Organization of the Petroleum Exporting Countries (OPEC) decision not to cut production, Gulf News reported.

    The Ministry said that it already conducted a number of cuts to its budget to limit the deficit, including spending cuts on a number of institutions, as well as raising the price of gas sold to industrial companies in the Sultanate, in addition to deciding to postponing a number of projects and privatizing some state-owned companies, which are estimated at a combined value of USD12.94 million.

    Meanwhile, said that these cuts in spending in the 2015 budget will not affect the country's plans to continue its investments on health and education sectors among others that serve social development of the country, which remains its priority.

    "The new budget includes about USD12.94 billion for ongoing expenses, compared to USD5.17 billion in 2011, which will not damage the lives of citizens in terms of wages and promotions. And in case of the decline in oil prices, the Sultanate needs in the medium term, not the short term, to review its policies to cope with the tumbling oil prices," The chairman of the Economic Committee of the Shura Council said.

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