Oman adopts 2005 budget with projected 1.4-billion-dollar oil deficit

MUSCAT, Oman (AFP) – Oman, faced with declining oil output, has adopted a budget for 2005 that foresees a deficit of 540 million riyals (1.4 billion dollars), the state ONA news agency said.

Mekki said last month that the Gulf sultanate, which has been battling to halt a drop in oil production, is estimating a lower daily output of 750,000 barrels in 2005. Oman exported 197.4 million barrels of crude in the first nine months of 2004, 5.5 percent lower than the same period of 2003. Daily average production in 2003 was 819,500 barrels, down 8.7 percent from 898,000 the year before.

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