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Thursday, 26 November 2009 22:16 UAE time

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Oman will cut public spending if oil slips below $45

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 04 January 2009
OMAN BUDGET: Muscat officials will cut projects, revise budget for 2009 if oil falls below $45. (Getty Images)
OMAN BUDGET: Muscat officials will cut projects, revise budget for 2009 if oil falls below $45. (Getty Images)

Oman will cut public spending this year if the average oil price slips below the $45 per barrel it budgeted for 2009, the economy minister has said.

The 6.424 billion Omani rial ($16.7 billion) budget with an estimated shortfall of 0.81 billion rials was approved by the Sultanate's ruler on Thursday.

"If the (average) oil price falls below $45 per barrel then we are going to revise the 2009 budget and cut down the number of projects this year," Ahmad bin Abdul-Nabi Mekki told Reuters on the sidelines of a press conference on Saturday.

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The previous year's budget was also based on a $45 price for the barrel of oil. Brent crude closed at $46.91 on Friday. (Reuters)

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