The sultanate of Oman announced Monday a $26-billion budget for 2012 with a deficit expected to reach $3.12 billion, or five percent of its gross domestic product.
Expenditure was projected to hit 10 billion rials ($26 billion), up 9.0 percent from 2011, and revenues estimated at 8.8 billion rials ($22.85 billion), said financial affairs minister Darwish al-Balushi.
Balushi told a news conference that oil and gas should account for 81 percent of the revenues, at a slightly conservative average price of $75 per barrel, and daily production of 915,000 barrels.
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