Ahmed Meki said the budget puts spending at 3.425 billion riyals (8.9 billion dollars) and income at 2.925 billion riyals (7.6 billion dollars).
Oil revenues account for 57 percent of income, the minister said, citing a drop from 74 percent "in the past years ... due to the drop in daily oil production rates."
Liquefied gas and oil condensates account for nine percent of revenues, natural gas for three percent, the sale of oil condensates for five percent, while "other current revenues" that are unspecified account for the remainder.
Oil revenues were calculated on the basis of a price of 21 dollars a barrel.
Meki said projected spending for fiscal 2004 was 11 percent higher than the previous year to cover growth in government services, such as health, education, electricity and water.