Muscat: The Oman crude was traded for $110.56 per barrel on Friday, a drop of $4.81 per barrel from Wednesday’s rate.
On March 1, the Oman crude traded for $100 per barrel and above for the first time since August 2014.
Prior to that, the Oman crude touched the $110-mark ($110.96 per barrel) was on August 30, 2013.
The crude was traded for $125.16 per barrel on March 7, the highest price since the summer of 2008.
The budget for 2022 is based on an oil price per barrel as compared to USD 45/bbl in the tenth five-year plan.
The average price of oil for 2021 was $61per barrel while the budget was based on $45 per barrel.
As per the budget, the deficit is estimated to be RO 1.55 billion, which is expected to represent 15 percent of revenues and 5 percent of the GDP in 2022.