MUSCAT Oman's budget deficit soared to $570.4 million in the first 10 months of the year over $385.6 million in the same period of 1997, official figures showed Monday. Crude oil income brought in $2.7 billion from January-October $900 million less than in the first 10 months of the previous year, a fall of more than 26 percent. Total income dropped nearly 17 percent to $3.9 billion compared with $4.6 billion in the first 10 months of 1997. State spending grew 3.7 percent to reach $4.4 billion from $4.3 billion in January-October last year.

The Sultanate has cut output twice this year, slashing a total of 50,000 barrels a day (bpd) to reduce current production to between 850,000 and 860,000 bpd. Nonetheless average production over the 10 months was 900,000 bpd, following highs early in the year, the report said. (AFP)