Tag: Middle Eastern Oil
Oman budget: Taxes, gasoline prices to be raised due to low oil prices
Oman budget shortfall in 2016 DUBAI, United Arab Emirates _ Oman is going to cut government spending and also raise taxes and gasoline prices to cover an anticipated budget shortfall in the coming year. That’s according to a statement Wednesday from Oman’s Council of Ministers. The council’s statement, carried by the state-run Oman News Agency, […]
OPEC ministers agree to keep production at current level, above formal ceiling
OPEC decision will likely drop price of oil VIENNA _OPEC nations decided Friday to keep producing oil at their current high levels, effectively acknowledging their inability to push up crude prices. An attempt to nudge the cost of oil higher would have involved lowering output. Instead, the organization’s endorsement of present output, which is more […]
Low oil prices: IMF chief stresses reforms, suggests levying taxes for Gulf countries
Low oil prices may be combated with tax revenues, higher energy prices KUWAIT CITY _ On a trip through a Gulf squeezed by low oil prices, the head of the International Monetary Fund repeatedly called on countries to cut back on subsidies, lower government spending and consider levying taxes. But implementing Christine Lagarde’s suggestions is easier said than […]
Kuwait’s emir warns nation of budget cuts due to low oil prices
Kuwait revenue down 60 per cent KUWAIT CITY – Kuwait’s ruler warned Tuesday his nation’s revenue is down some 60 per cent due to low global oil prices, urging citizens of this tiny country to be prepared for any economic reforms. Emir Sheikh Sabah Al Ahmad Al Sabah’s comments, coming as he addressed parliament as it began […]
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