Continuing a new trend started in 2012, Oman’s budget for fiscal year 2013 is not exceptionally conservative with regards to projected revenues due to assumption of relatively higher oil prices.
The average oil price in the new budget stands at US$85 per barrel versus $75 per barrel in 2012. By comparison, the assumed rates for 2011, 2010 and 2009 were $58, $50 and $45 per barrel, respectively.
Undoubtedly, this is a significant development given the magnitude of the petroleum sector to the treasury. By one account, petroleum revenues are divided into 63 per cent for oil and 13 for cent for gas, or 76 per cent of total budgetary revenues.
Oman’s not so conservative budget | GulfNews.com
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