DUBAI: Oman, a small Gulf oil producer, approved on Thursday its 2026 budget with a deficit of 530 million Omani Rials ($1.38 billion), which accounts for 1.3% of national output, the state news agency reported. Ministries told to submit FY26 budget proposals Oman expects total spending of 11.977 billion rials in 2026, up 1.5% from 2025, the state news agency said. The Gulf country, which is largely reliant on oil, based this year’s budget on an average oil price of $60 per barrel. It expects revenues of 11.447 billion rials, up 2.4% from 2025, the state news agency added. Oman said it expects the public debt to reach 14.6 billion Omani rials ($38.02 billion) by the end of 2026, which accounts for 36% of national output.‑Reuters