(MENAFN) The Qatari Oil Ministry said that it expects that country to base its state budget for the fiscal year starting in April on an average oil price of USD45 per barrel, down from USD65 assumed in the current year's budget, Arab News reported.
"This year's budget is based on USD45 a barrel oil, which is conservative and will help keep growth on track," said a source within the Ministry, who is involved in reviewing aspects of the budget.
The Qatari Oil Ministry, which has not routinely disclosed the oil prices on which it bases its budgets, said that during the third quarter of this fiscal year, actual state spending fell 6.6 percent compared with the same period in the previous year to reach USD10.7 billion, while recording a surplus of USD21.68 billion.
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