Oman sets 2024 budget on average oil price of $60 per barrel

DUBAI: Oman is forecasting a budget deficit of 640 million Omani rials ($1.66 billion) this year, around 1.5 percent of the country’s gross domestic product, state TV reported on Monday, swinging from a surplus in 2023 as lower oil production and prices weigh on public finances, according to Reuters.

The 2024 budget is based on an average oil price of $60 per barrel, which is conservative by most estimates.

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