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Oil drives Oman’s budget surplus higher to $1.4bn

Oman budget surplus oil revenue Oman News Agency
Net oil revenue stood at OMR2.3 billion at the end of April, up 12 percent from the prior year

Oman registered a budget surplus of OMR520 million ($1.35 billion) year to date at the end of April compared to OMR468 million a year earlier, the finance ministry said in its latest fiscal performance bulletin.

Total revenue during the period reached OMR4.4 billion, up four percent year-on-year, primarily due to a 53 growth in net oil revenue and a 27 percent rise in current revenue.

Net oil revenue stood at OMR2.3 billion at the end of April, up 12 percent from the previous year, supported by an increase in average oil prices to $84 a barrel and higher average oil production to 1.064 million barrels per day (bpd), state-run Oman News Agency reported.

Net gas revenue stood at OMR908 million, down by 15 percent year-on-year due to the deduction of gas purchase and transport expenses from total revenue collected from state-owned Integrated Gas Company.

Earlier this month the ministry of energy and minerals extended its voluntary crude production cut of 40,000 bpd until December 2024 as part of an Opec+ decision.

Spending stood at OMR3.9 billion, up three percent year-on-year, following increased current expenditure of civil ministries.

The ministry said the surplus would be used to manage liabilities and reduce public debt while increasing social spending and stimulating economic recovery.

Last month Oman reported a budget surplus of OMR450 million in the first quarter of 2023, driven by a nine percent rise in net oil revenue amid higher oil prices and increased production.