DUBAI – Oman, one of the Gulf’s smaller oil producers, has approved its 2026 state budget, projecting a deficit of 530 million Omani rials ($1.38 billion), equivalent to about 1.3% of GDP, according to the state news agency.
Total government spending is forecast at 11.977 billion rials in 2026, a 1.5% increase from the previous year. The budget is based on an assumed average oil price of $60 per barrel, reflecting the country’s continued dependence on hydrocarbons.
Revenues are expected to rise 2.4% year on year to 11.447 billion rials. Oman also estimates that public debt will climb to 14.6 billion rials ($38.02 billion) by the end of 2026, representing roughly 36% of national output.
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