Oman's Public Revenue Surpasses RO 8 Billion Driven by Rising Oil Revenue

Oman, 10 October, 2024 : Oman's public revenue reached RO 8,106 million at the end of August 2024, an increase of RO 183 million from RO 7,923 million during the same period in 2023, primarily driven by a rise in net oil revenue, according to the Ministry of Finance's Fiscal Performance bulletin.

Net oil revenue stood at RO 4,649 million, marking a 12% increase from RO 4,145 million in 2023. The average oil price was USD 83 per barrel, with production averaging 1,001,000 barrels per day. In contrast, net gas revenue fell by 15% to RO 1,213 million due to a change in revenue collection methodology.

Current revenue declined to RO 2,230 million, down by RO 104 million from RO 2,334 million last year. Public spending reached RO 7,659 million, an increase of RO 509 million or 7% compared to RO 7,150 million in 2023.

Current expenditures for civil ministries totaled RO 5,434 million, slightly down from RO 5,464 million in the previous year. Development expenditure amounted to RO 735 million, accounting for 82% of the total development budget of RO 900 million for 2024.

Contributions and other expenses surged by 58% to RO 1,440 million, attributed to the implementation of a new social protection system, which included subsidies for social protection, electricity, and oil products totaling RO 373 million, RO 295 million, and RO 191 million, respectively.

In related economic news, Standard & Poor’s Global Ratings upgraded Oman's credit rating to "BBB-" with a stable outlook, marking the country's return to investment-grade status after nearly seven years. The upgrade is linked to improvements in public finances through financial reforms and the restructuring of government initiatives, which have led to anticipated financial surpluses and a stable economic outlook.

Source : www.omannews.gov.om