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Oman to base 2010 budget on $50 oil price
Oman’s Ministry of National Economy announced it will base its 2010 budget on an average oil price of $50 a barrel…
October 11, 2009 3:25 by kippreport
Oman’s Ministry of National Economy announced it will base its 2010 budget on an average oil price of $50 a barrel, reports Reuters.
The projection is only $5 higher than the price it forecast for its 2009 budget, prompting analysts to question the government’s conservative estimates.
“I see limited spending in 2010 and that does not inspire investors’ confidence,” Mubarak al-Arami, managing director of Kanz Investment Holdings.
“We need to see the government propping up its budget, much higher than in 2009, in this uncertain global climate.”