(MENAFN) According to a new report, Oman's budget deficit could range between USD11.13 billion and USD17.60 billion this year, if the average oil price hovers around USD60 per barrel and USD40 per barrel, respectively, Times of Oman reported.
The report added if the price oil remained at USD60 bpd, the country would have a deficit to gross domestic product ratio of 6 percent, while 14 percent if the oil price goes down to USD60 bpd.
These estimations are against a deficit projection of USD6.47 billion at an estimated expenditure of USD36.49 billion and revenue of USD30.02 billion in the state budget, which the sultanate revealed earlier this month.
However, the report added that the deficit would be much lower at USD4.65 billion if the average oil price hovers around USD80 per barrel, while the country could end with a USD1.81-billion surplus, if the average price regained its old price at USD100 a barrel.
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