Coronavirus: Oman’s sultan forms committee to boost economy – The National

Coronavirus: Oman’s sultan forms committee to boost economy – The National

Coronavirus: Oman's sultan forms committee to boost economy. The sultanate's economy has been hit by the effects of lockdowns internally and worldwide. Oman's Sultan Haitham bin Tariq has set up a national committee to counter the impact on the economy from the coronavirus pandemic, the official news agency reported on Sunday as the death toll passed 100.. The ministry of health on Sunday reported 1,404 new coronavirus infections taking Oman's case total to 23,481.. Lockdowns imposed to contain the pandemic in Oman and worldwide have pushed down the price of oil, the major contributor to the sultanate's economy, and also affected its growing tourism sector, including the cancellation of the popular Khareef Festival in the southern city of Salalah.. The sultanate's budget for 2020 was based on an oil price of $58 a barrel; on Sunday, Omani crude was being at $39.90 per barrel.. Although not an Opec member, Oman began cutting oil production by 200,000 barrels per day earlier this month, equivalent to about 20 per cent of its total output, to support the bloc's efforts to shore up prices.. "The oil production cut to support Opec members roughly means a revenue loss of $8 million a day at