Bahrain's budget to look at oil price of $40 and $45

BAHRIAN BUDGET: Setting the oil price at $40 or $45 will be central to Bahrain's budget discussions. (Getty Images)

Bahrain's prime minister is to hold talks on whether to base the country's upcoming budget on the price of oil being $40 or $45 a barrel, it was announced on Wednesday.
 
Prime Minister Shaikh Khalifa bin Salman Al Khalifa is set to meet parliament's financial committee to discuss the issue, according to Bahrain daily, the Gulf Daily News.

"The meeting will tackle the dispute between the committee and the finance ministry and will discuss the budget based on an oil price of $45 a barrel instead of $40," the newspaper reported.

A suitable budget allocation for the houses renovation scheme, inflation allowance, education and health sectors will also be discussed

In October, the same newspaper reported that Bahrain would base its 2009-2010 budget on an oil price of $60 a barrel.

Bahrain, a Gulf oil producer, is not a member of the Organization of Petroleum Exporting Countries.

Oil prices have tumbled almost $100 a barrel from a July peak above $147 - currently sitting at around $49 a barrel.

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