Oman oil revenues drop 50% in 4 months


MENAFN - 13/06/2009

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(MENAFN) Non-OPEC producer Oman said that it posted a 50.5 percent drop in net oil revenues in the first four months of 2009 as oil prices weakened, but raised spending by 7.2 percent, Reuters reported.

States in the world's biggest oil-exporting region, heavily reliant on income from oil and gas exports, have witnessed sharp drops in earnings this year as oil prices tumbled to the mid-$30 a barrel range.

Oman sold its oil at an average price of $44.59 per barrel January to April, the data showed, down 49.4 percent from the same period last year.

The Gulf Arab state pumps around 760,000 barrels per day and says it is targeting output of 800,000 bpd in 2009.

Oman had projected a $2.1 billion budget deficit for 2009 based on an average oil price of $45 a barrel.

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