Oman is going to cut government spending and also raise taxes and gasoline prices to cover an anticipated budget shortfall in the coming year.

That's according to a statement Wednesday from Oman's Council of Ministers. The council's statement, carried by the state-run Oman News Agency, also says the tax rates for company profits will be raised as well.

The statement says higher gasoline prices likely will go into effect in mid-January, without saying what they would be. The Council of Ministers approved the measures in a vote.

Oman, like the rest of the Mideast, is struggling as oil prices have dropped below $40 a barrel, pushed down by oversupply in the market.