Production of refined petroleum products in Oman grew 2.6 per cent to 70.7 million barrels for the first ten months of 2015, from 68.93 million barrels for the same period of last year.
Oman’s trade balance during the first seven months of 2015 registered a surplus of OMR1,581.3 million, despite the decline of 31.7 per cent in exports during the period.
Economic and Financial Committee at Majlis Al Shura on Monday decided to form working teams to study specific draft laws and provide a report on each draft law that includes outcomes of the study and recommendations.
Faced with heavy losses from low oil prices, Gulf states have embarked on belt-tightening measures to cut spending and boost non-crude revenues, but analysts warn much more needs to be done.
Businesses are eagerly awaiting Oman’s budget for 2016 and its 5-year plan for 2016-2020, both of which are expected to be decreed on 3 January 2016.
Majlis Al Shura hosted Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs, Deputy Chairman of the Financial Affairs and Energy Resources Council, Dr. Ali bin Masud Al Sunaidy, Minister of Commerce and Industry, Deputy Chairman of the Supreme Council for Planning, and Sultan bin Salim Al Habsi, Secretary General of the Supreme Council for Planning, to discuss 2016 draft budget and draft 9th five-year plan (2016-2020).
Credit rating agency Standard & Poor’s has downgraded Oman’s sovereign debt in a sign of growing pressure on the finances of some Gulf Arab oil exporters.