With oil prices remaining below the level assumed in the 2016 budget, Oman’s budget deficit swelled to OMR4.37bn in the January-August period of 2016. This was 63% higher than the OMR2.68bn deficit recorded in the same period of 2015, statistics released by the National Centre for Statistics and Information (NCSI) showed. The sultanate's 2016 budget had estimated a deficit of OMR3.3bn for the full year with an average oil price assumption of US$45 per barrel. However, the average price at which Oman sold its oil during the first eight months of this year stood at US$37.6 per barrel against US$60.2 per barrel in the corresponding period of 2015.   With oil prices continuing to remain under pressure amid a supply glut, the budget deficit rose sharply despite a 5% reduction in public spending. Oman's net oil revenue for the first eight months of 2016 dropped 43.6 % to OMR2.13bn from OMR3.77bn a year earlier. Gas revenue fell 7.5 % to OMR868.3mn from OMR939.2mn. Revenue from customs duties rose 60 % to OMR200.9mn. Total public expenditure decreased to OMR7.44bn in the January-August period against OMR7.83bn in the same period of the previous year. Of total public expenditure, current expenditure decreased 1.3 % to OMR5.17bn, while investment expenditure dropped 2.8 % to OMR1.83bn. (Muscat Daily)