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.

* 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.

($1 = ‌0.3840 Omani ⁠rials)

(Reporting by Ahmed Elimam and Jana ⁠Choukeir Editing by Gareth Jones)