Oman sees $6.47 bn budget deficit amid oil slump

Oman produces about one million barrels of oil per day, which accounts for 79 percent of Muscat's revenuesNon-OPEC member Oman on Thursday announced a budget deficit for 2015 of $6.47 billion (5.35 billion euros), reflecting the effect on Gulf producers of plummeting crude oil prices. The budget includes expenditure of $36.5 billion, up 4.5 percent from 2014, and revenue of $30.03 billion, down 1.0 percent, the official ONA news agency cited the finance ministry as saying. The projected deficit will represent 21 percent of public revenue and 8.0 percent of the sultanate’s GDP.

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