Oman reaches record high oil output in June
The country is producing more oil in order to make up for the drop in revenue stemming from declining oil prices. The country reportedly aims to increase its crude oil output by 5% to 1 million bpd later this year. According to data released by the country’s finance ministry, the drop in oil prices caused Oman to post a budget deficit of 1.5 billion rials ($3.9 billion) in the January-May period compared with a 232.9 million rials ($604.9 million) surplus in the same period of the previous year.
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