Oman's oil revenue falls 46% to $6bn

Net revenue was down from $11.2bn in 2014

Oman has announced plans to maintain production stable.
Oman has announced plans to maintain production stable.

Oman’s net revenue from oil has dropped a 46.3% during the first five months of the year, according to the latest figures from National Centre for Statistics and Information (NCSI).

The Oman Tribune reports that the net revenue from oil dropped to $6 billion (OMR2.33bn) this year, down from $11.2bn (OMR4.34bn) in 2014.

The drop in income has affected the sultanate’s budget figures, which showed a deficit of $3.89 billion (OMR1.5bn) at the end of May, down from a surplus of $604 million at the same time last year.

The country’s budget for 2015 includes a government expenditure of $36.6 billion (OMR14.1bn), with an estimated deficit of $6.49 billion (OMR2.5bn).

However, this is based on an average oil price of $75 a barrel, and with average prices not at $52 a barrel and the possibility of Iranian oil coming into the market, the sultanate’s budgetary plans will come under increasing pressure.

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