State Public Revenue Exceeds RO 5 Billion by May 2024 Despite 7% Decline

Oman, 10 July, 2024 :  The State's public revenue at the end of May 2024 totaled RO 5,075 million, marking a 7% decrease from RO 5,463 million in the same period in 2023. This decline is attributed to reduced hydrocarbon and non-hydrocarbon revenues, according to the Ministry of Finance's Fiscal Performance Bulletin.

Net oil revenue was RO 2,740 million, a 2% drop from RO 2,810 million in 2023, with the average oil price at $82 per barrel and daily production at 1,006 thousand barrels. Net gas revenue stood at RO 763 million, down 24% from RO 1,003 million, due to deductions for gas purchase and transport expenses.

Current revenue was RO 1,562 million, a decrease of RO 82 million from RO 1,644 million in 2023. Public spending was RO 4,724 million, down 3% from RO 4,882 million. Civil ministries' current expenditure was RO 3,340 million, a reduction of RO 25 million from RO 3,365 million.

Development expenditure for ministries and government units reached RO 430 million, 48% of the RO 900 million allocated for 2024. Total contributions and other expenses increased by 11% to RO 754 million.

Subsidies for social protection, oil products, and the transport sector were RO 233 million, RO 137 million, and RO 30 million, respectively. Additionally, RO 166 million was allocated to future debt obligations.

Source : www.omannews.gov.om