Oman estimates oil price at $70-$80 per barrel in 2010

Oman expects to see oil prices ranging between $70 and $80 a barrel in 2010, Ahmad Mekki, Oman’s national economy minister said on Tuesday. “The 2010 budget has been set for production of 870,000 barrel per day and we see oil prices in the range of $70-$80 per barrel,” he said.

Oman is basing its 2010 budget on an oil price of $50 per barrel, and estimates revenues of OMR6.38 billion ($16.57 billion), 14 percent higher than 2009, reports Reuters.