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Oman reduces 2016 spending by 15.6 percent

02 Jan 2016

(MENAFN) Oman will cut this year spending by 15.6 percent because of lower oil prices, but still facing a huge lack after posting one last year.

Moreover, spending is predicted at USD 30.9bn this year, compared with USD 36.6bn.

Additionally, incomes are projected at USD 22.3bn, down a huge 26 percent from last year.

While global oil prices pared ended 2015 sharply lower as the “black gold” was battered by global oversupply.

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