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Oman says high oil prices will help erase budget gap

The Omani finance ministry has said the Sultanate expects to erase its OR1.2bn ($3.1bn) budget deficit projected for 2012, as oil prices have been higher than forecast, Reuters has reported. "Up to May, we have sold our oil 50% above the price we estimated for the 2012 budget, and that has pushed up revenues beyond our expectations," a finance ministry official in the budgeting department told the news service. "At this rate, we are comfortably going to wipe out the deficit," said the official.