Will oil price drop weaken Qaboos? - Al-Monitor: the Pulse of the Middle East:
"Tumbling oil prices are upsetting political equations all over the globe, especially for governments that depend heavily on oil revenue to provide services for their populations. Prominent petrostates like Russia and Venezuela have been hit particularly hard, but certain governments in the oil-rich Middle East are also being forced to tighten their belts.
The slide in oil prices from $115 a barrel to below $60 over the last six months is proving particularly challenging for the Sultanate of Oman. With prices likely to remain low for the near to medium term, Omani officials are scrambling to find alternative sources of revenue outside the oil industry, on which Oman depends for 83% of its income.
The sultanate’s vulnerability to falling oil prices was underscored late last year when Standard & Poor’s cut its outlook for Oman’s sovereign rating from stable to negative."
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