DUBAI, Dec 20 Reuters Qatar approved its 2024 fiscal year budget on Wednesday with revenue estimated to decrease 11.4 next year on lower oil prices, state news agency QNA reported.

Total annual revenue is estimated at 202 billion riyals 55.49 billion and spending at 200.9 billion riyals, with a deficit of 6.2 billion riyals, which will be covered from the surpluses made in 2023, QNA quoted finance minister Ali bin Ahmed AlKuwari as saying.

Qatar is taking a more conservative approach, with an oil price assumption of 60 per barrel in 2024, instead of 65 per barrel in 2023, by taking into account the estimates of international institutions, the minister said.

Qatar39;s revenue from oil and gas is estimated to decrease 14.5 in 2024 to 159 billion riyals, while nonoil revenue is expected to increase about 2.4 to 43 billion riyals, the statement said.

The Gulf Arab state, which hosted the soccer World Cup in 2022, is one of the world39;s largest exporters of natural gas and last year benefited from huge windfalls from soaring global oil and gas prices.

The U.S. Energy Information Administration EIA earlier this month lowered its 2024 price forecast for Brent crude by 10 a barrel. Brent would average 83 per barrel, the EIA forecast in a monthly report, versus an estimate published last month of 93 per barrel.

Goldman Sachs earlier this week trimmed its price expectation for Brent crude in 2024 by 10 per barrel to between 70 and 90, saying strong production from the United…