The Ministry of Finance announced on Wednesday Qatar’s budget for 2016 with revenue estimates amounting to $42.75bn compared with $62bn in the general budget of the current fiscal year.
In a statement issued by the ministry, Minister of Finance Ali Shareef Al Emadi attributed the low revenue estimates to the revising of the 2016 budget based on an average oil price of $48 a barrel, compared with $65 a barrel in the current year.
Crude oil prices have fallen by more than half during the past two-and-a-half years, amid expectations from the International Monetary Fund that oil prices will continue to record low numbers during the next year, perhaps going below $52 per barrel, reports Egypt-based Erem News.
Al Emadi added: “the proposed price per barrel of oil comes in line with the sharp decline witnessed in oil prices in global markets during the past period.”
($1 = AED3.67, at the time of publishing)