Council reviews global crude prices

MUSCAT: The Financial Affairs and Energy Resources Council met at the Ministry of Finance under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the council. The council reviewed latest global economic situation and its impact on the national economy and public finances, including slowdown in global economic growth. It also reviewed latest developments in oil prices and future trends, as well as the decline in oil prices since mid-May till date and the consequences of fall in oil prices.

The council reviewed some of the financial performance indicators until the end of April, this year, including general revenues, expenditure, actual deficit and deficit financing instruments, and approved a number of steps aimed at achieving financial sustainability. The meeting also included a presentation on executive procedures for application of the excise tax, in addition to reviewing a number of other subjects, and took appropriate decisions.

Meanwhile, Dubai Mercantile Exchange (DME) said that Oman oil price for August delivery reached $61.35. The DME statement said that the price of Oman oil declined 62 cents from the price of Monday, which was $61.97. The average price of Oman oil for June delivery has stabilised at $71.15, thus $4.18 per barrel higher than May delivery.