On 18th November, Oman celebrated its 42nd independence amidst promising economic potentials including the possibility of hiking expenditures for fiscal year 2013 by a notable 10 per cent. In retrospect, the government approved the budget for 2012 with spending of US$26 billion leaving behind projected shortfall of $3.1 billion.
The International Monetary Fund considers a price of $81 per barrel as a break-even with revenues equaling expenditures for 2012 budget. Certainly, this rate is higher than that used in preparing the budget, namely $75 per barrel.
Yet, according to Reuters, Oman has reportedly sold its oil at the rate of $113 per barrel in the period of January-July. As such, final statistics for 2012 once published are bound to be different and stronger with stronger income and thereby spending and the possibility of turning the deficit into eventual surplus.
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