Oman's State Revenue Trends: Surpassing $2.6 Billion by January 2024

Oman, 15 March, 2024 :  Oman's state revenue exceeded $2.6 billion by the end of January 2024, marking a 3% increase compared to the same period in 2023. This rise, reaching RO1.014 billion, was mainly fueled by a notable 132% surge in current revenues.

However, despite the overall growth in revenue, net oil revenue experienced a slight decline of 1% to RO595 million by January 2024. This decrease was influenced by factors such as fluctuations in oil prices, with the average price per barrel standing at USD 90, and production levels, averaging at 1,040,000 barrels per day.

In contrast to the revenue trend, public expenditure saw a significant uptick, rising by 11% to approximately RO929 million by the end of January 2024. This increase, totaling RO92 million, was primarily attributed to augmented development expenditures and contributions.

Consequently, while the surplus remained positive, it decreased to approximately RO85 million by January 2024, down from RO145 million during the same period in 2023. This indicates a shift in the financial landscape, prompting attention to expenditure management and revenue optimization strategies moving forward.

Source : www.zawya.com