Oman has reduced its 2020 state budget by 500 million Omani riyals ($1.3 billion), after directing all ministries to reduce development and operating budgets by 10%, according to state-run news agency ONA. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The decision to make deeper cuts than the 5% reduction announced last month follows tumbling crude demand and prices due to the coronavirus pandemic. Oman’s minister for oil and gas, Mohammed al-Rumhy, previously told S&P Global Platts that any cuts to Oman’s hydrocarbon sector are unlikely to impact producing assets, and will instead be focused on exploration and infrastructure projects. Oman is already heavily burdened by debt, and is one of the most exposed countries in the Gulf Cooperation Council to low oil prices. Its sovereign creditworthiness is deemed to be in junk territory by ratings agencies S&P Global Ratings, Moody’s and Fitch. […]