MIDEAST STOCKS-Oman tumbles on pain of lower oil prices; Gulf weak | Reuters:
"Oman's stock market sank on Sunday after Standard & Poor's cut its outlook for the country's sovereign rating and local cement firms said natural gas prices would double - examples of the pain which the weaker Gulf oil exporters may face because of the slide in oil prices.
Brent crude slipped 0.8 percent to $69.07 a barrel on Friday after Saudi Arabia slashed its oil prices for Asian and U.S. buyers. With Oman estimated to need an average price of over $100 to balance its state budget, the government is casting about for ways to raise revenues next year.
One method is to cut state subsidies.
Shares in both Raysut Cement and Oman Cement tumbled their daily 10 percent limit on Sunday after the companies said the state-guided price they paid for gas would double next year."
'via Blog this'
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