Bahrain 2016 Budget Based on Oil Price of $50 Per Barrel – Energy Minister
Bahrain 2016 Budget Based on Oil Price of $50 Per Barrel – Energy MinisterPixabay
19:33 28.01.2016(updated 20:02 28.01.2016) Get short URL
Bahraini Energy Minister said that budget planned for 2016 based on oil prices of $50 per barrel.
MANAMA (Sputnik) – Bahrain planned the budget for 2016 based on oil prices of $50 per barrel, Bahraini Energy Minister Abdul Hussain bin Ali Mirza said.
“The oil price on which the Bahraini budget for 2016 was based, was $50 per barrel,” Mirza told RIA Novosti in an interview.
The minister added that the 2015 budget lost about $4 billion due to the oil price drop, and the same shortage was expected in 2016.
Bahrain’s budget deficit stood at around $4 billion last year due to the oil price slump, Energy Minister said.
“The profits from sales of oil and gas were supposed to amount to 1.7 billion dinar (over $4.5 billion)in the budget of Bahrain for 2015, the same value is in the 2016 budget, therefore the deficit of the state budget stood at 1.5 billion dinar (over $3.9 billion), a similar deficit is expected for 2016,” the minister told RIA Novosti.
Bahrain’s economy is highly reliant on oil prices, which have seen great instability in recent months.
Brent crude prices plunged from $115 in June 2014 per barrel to $30 per barrel in January 2016. Despite the decline in global prices, the Organization of the Petroleum Exporting Countries (OPEC) resolved to continue production at the same level.