DUBAI, Jan 1 — Oman has set its 2024 budget on an average oil price of US$60 per barrel and sees a budget deficit of 640 million rials (US$1.66 billion) this year, around 1.5 per cent of the country’s GDP, state TV reported today.

The country estimated 2024 budget revenues at around 11.01 billion rials, up 9.5 per cent from 2023 estimates.

Oman’s finance minister Sultan Salim Al Habs said that the estimates in the budget were based on ensuring that "financing needs are met in the event of a decline in oil prices”.

The country estimated expenditures would be up 2.6 per cent this year from 2023 estimates at around 11.65 billion rials, which includes a public debt service of 1.05 billion rials. — Reuters